Natural gas storage builds well above expectations, prices get slammed

Working gas in storage was 2,252 Bcf as of Friday, May 31, according to EIA estimates. This represents a net change of +111 Bcf, well above analyst estimates of ~=90 Bcf. As a result, Natural gas futures on NYMEX dropped nearly 4% Thursday morning to $3.85. Here’s the details courtesy EIA:

[table] [attr style=”width: 25%”]`[attr style=”width: 25%”]May 31`[attr style=”width: 25%”]May 24`[attr style=”width: 25%”]Change
East`968`910`+58
West`396`380`+16
Producing`888`851`+37
Total`2,252`2,141`+111
[/table]