The net increase in natural gas inventories for the week ending May 22 came in below expectations at 92 billion cubic feet (Bcf).
Today's reading is lower than:
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The market consensus (95 Bcf)
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The 5-year average (97 Bcf)
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The build from the corresponding week last year (104 Bcf)
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The build from the previous week (101 Bcf)
Total inventories remain 21 Bcf higher than last year's levels.
The report supported today's rally in NATGAS, which has already surged by over 6% intraday. As a reminder, weather forecasts for the coming weeks were recently revised upward, which has also contributed to the price increase.
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