Happy storage day.
This morning, the EIA reported an injection of +47 billion cubic feet for the past week ending September 20 with a consensus expectation of +55bcf. Normally, this would be considered a miss and the market would rally. However, the market sold off. The explanation is was a “reclassification” of 8 bcf, making a total implied build of +55 bcf. In the end, this report was in line with expectations after all.
NYMEX November front month futures was down 7 cents to $2.73 US/mm. The winter strip followed suit with a sell off of 5.5 cents to $3.14. Next summer traded down 2 cents to $3.15. All were on solid volume, so it would seem that the tension in the market is easing off for now.
The October contract expired today at $2.632.
Helene is forecast to make landfall overnight as a category 3 hurricane near Tallahassee Florida and travel over Georgia. [WFG]