Natural Gas Futures Surge on Bullish Storage Data and Rising Costs for Producers
The U.S. Energy Information Administration (EIA) reported a smaller-than-expected injection of 33 Bcf natural gas into storage for the week ended Sept. 1, causing a rally in Nymex natural gas futures. Prior to the report, market expectations ranged from 33 Bcf to 65 Bcf, with a median estimate of 42 Bcf. The October futures contract initially rose to $2.600/MMBtu before settling at $2.590/MMBtu, up 8.0 cents.