Natural Gas Prices Fall After Weekly Storage Data

1042 ET – Natural gas prices are showing some choppiness after a weekly storage report that came in above the five-year average but below analysts expectations. The front-month contract for July delivery spiked more than 2% higher immediately after the report but then turned lower and was recently down 1.1% at $2.302/mmBtu. The EIA says gas in storage rose last week by 104 billion cubic feet versus the average rise of 100 bcf and versus forecasts in a WSJ survey for a 113-bcf injection. Total storage is now 2.550 trillion cubic feet, which is 28% above last year at this time and 16% above the five-year average. (dan.molinski@wsj.com)