Natural gas prices hovered near $2.90/mmBtu after the EIA reported a 44 Bcf storage injection, falling short of analyst estimates and narrowing the surplus over the five-year average.
Prices were little changed in choppy trade, with support from a below-average storage build that trimmed the inventory surplus, but expected stronger builds ahead limit upside.
U.S. natural gas futures remained flat in choppy trading as a smaller-than-expected weekly storage injection trimmed the inventory surplus to 118 billion cubic feet. While late-season heat continues to drive power-sector demand, analysts anticipate stronger storage builds in the coming weeks as temperatures trend lower.
The surplus decreased because the weekly storage injection of 44 Bcf was significantly lower than the five-year average of 74 Bcf, driven by sustained power-sector demand from late-season heat.