Natural gas storage inventories increased by 106 Bcf for the week ended June 2, per EIA. The report is bearish with the build coming above market expectations, which were calling for a 98-Bcf increase in stocks. The full range of forecasts was between 80 Bcf and 111 Bcf. The Henry Hub prompt contract (July 2017) traded as low as $2.93 on Monday, but it went back above $3.00 on Tuesday and Wednesday with warmer temperatures in the forecast. However, the larger-than-expected build pushed gas prices below the $3.00 mark again, but only temporarily. The July 2017 gas price is up 1-2 cents following the EIA report and currently trading at $3.04 per MMBtu. Working gas storage inventories increased to 2.631 Tcf, level 332 Bcf below last year but 237 above the 5-year average. See Drillinginfo EIA’s chart below. This graphic shows projections for end-of-season inventories as of Nov 1. […]