US natural gas falls on larger-than-expected storage build – ING
Source Fxstreet
US natural gas prices declined sharply as storage data surprised to the upside, reinforcing concerns about near-term oversupply and weighing on NYMEX Henry Hub futures, ING's commodity experts Ewa Manthey and Warren Patterson note.
EIA data pushes Henry hub prices lower
"US natural gas prices sold off yesterday, with NYMEX Henry Hub settling 3.4% lower on the day. This was after Energy Information Administration data showed that US natural gas storage increased by 120 billion cubic feet over the last week."
"This was slightly above market expectations and well above the 5-year average for an 87 bcf increase. It leaves total gas storage at 2.375 tcf, 3.9% above the 5-year average."
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