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BREAKING: NATGAS drops after EIA inventory data

3:32 PM 25 July 2024

US Energy Information Administration (EIA) issued a weekly report on US natural gas inventories today at 3:30 pm BST. Report was expected to show a 13 billion cubic feet increase in US natural gas inventories, following a 10 billion cubic feet build in the previous week.

Actual report showed a bigger-than-expected increase of 22 billion cubic feet. While the icnrease was bigger than expected by economists, it was also smaller than 5-year average for the period (+30 bcf). US natural gas futures (NATGAS) moved lower following this bearish release and are trading over 1% lower compared to pre-announcement levels.

Source: xStation5

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