Natural gas prices declined 20 cents on Thursday, July 8 to $4.40/mmbtu following a larger-than-expected build in storage. For the week ending July 2, inventories rose by 78 Bcf, above estimates for a 70-74 Bcf injection. The much milder temperatures across the nation, without a substantial drop in supply, lowered demand and pushed up the injection number.
This week, power demand throughout the Northeast neared four-year highs as temperatures eclipsed 100 from Baltimore to Boston. The inventory deficit to last year is expected to widen following the next report, as record temperatures in the East increase demand and reduce the amount available for injection into storage.
Source: EIA