US Energy Information Administration (EIA) issued an official weekly report on US natural gas inventories today at 3:30 pm GMT. Market was expecting an inventory draw of 67 billion cubic feet, following a 75 bcf drop in the previous week.
However, actual report showed a drop of just 49 billion cubic feet. US natural gas prices (NATGAS) moved lower in a knee-jerk move and reached a fresh daily low below $1.58 per MMBTu mark.
NATGAS dropped to a fresh daily low following release of US inventory data. Source: xStation5
Drop in US natural gas inventories reported today was smaller than indicated by the range of 5 previous years. Source: Bloomberg Finance LP
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