Weekly EIA data shows a 61 Bcf build in natural gas inventories, slightly above the 60 Bcf consensus estimate.
US natural gas inventories increased by 61 billion cubic feet for the week ended July 3, surpassing the consensus estimate of 60 Bcf. The build brought total stocks to 2,983 Bcf, up from 2,922 Bcf the prior week.
Analysts had anticipated a smaller build, with the prior week’s inventory change standing at 74 Bcf. The latest data reflects ongoing supply adjustments amid summer demand fluctuations.
Natural gas futures (NG1:COM) fell 3.4% to $3.1 per MMBtu following the release, reflecting market reaction to the inventory report.