EIA Reports 101 Bcf Gas Build, Sending Futures Below $3

The U.S. Energy Information Administration (EIA) reported a 101 billion cubic feet (Bcf) natural gas storage injection for the week ending May 15.

The build exceeded Bloomberg’s 96 Bcf estimate and the 95 Bcf forecast from Reuters. Total stockpiles reached 2,391 Bcf. This inventory represents a 149 Bcf surplus above the five-year seasonal average.

June NYMEX natural gas futures briefly fell to an intraday low of $2.993/MMBtu following the report. Prices later recovered to trade at $3.026/MMBtu.