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November natural gas futures settled at $2.347 per mmBtu after the EIA reported a 76 Bcf storage injection for the week ended October 11. The build was in line with the Reuters median of 78 Bcf and left inventories 4.6% above the five-year average.
Spot prices faded as well.
Storage builds above the five-year average signal a looser supply balance and weigh on prices. Feed buyers have limited direct exposure, though energy costs matter for processing.
naturalgasintel.comJodi ShaftoOct 17, 2024After 62 past bearish report events, NATGAS moved a median -3.0% over 5 sessions (42% higher; middle half -7.6% to +4.6%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
