The early morning rally by traders was halted by a bearish storage report. The NYMEX reached as high as $3.39 USD/MMBtu, before reversing to settle at $3.27 USD/MMBtu, representing a $0.06 USD/MMBtu or 2% decrease from yesterday’s settlement.

The EIA injection volume of 80 bcf was higher than the analyst polled value of 77 bcf. The EIA storage volume now rests at 3,641 bcf, 157 bcf or 4.5% higher than the 5-year average and 23 bcf or 0.6% higher than last years record breaking inventory volume. Fundamental news is not entirely bearish as recent weather forecasts indicate a cooler next two weeks, bringing demand closer to normal conditions for this time of year. Production maintained its dip below 105 bcf/d today and LNG flows stayed elevated above 16 bcf/d. (PB)