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September natural gas futures settled near $4.18 after the EIA reported a 29 Bcf storage injection for the week ending August 20, well below the analyst median of 39 Bcf. The result was the tightest reading for the period and pushed futures to their highest settlement since December 2018.
A storage build well below expectations signals tight US supply heading into winter, supporting higher gas prices.
naturalgasintel.comLeticia GonzalesAug 26, 2021After 74 past bullish report events, Natural Gas moved a median +1.3% over 5 sessions (55% higher; middle half -4.0% to +11.3%), and +2.1% 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.
The EIA storage report was released on 2021-08-26, after the 2021-08-25 move, so it cannot have caused it. It does show the tight US supply picture that was probably already building, so it is only a weak contributor.
