The NYMEX August natural gas futures contract closed 8.5 cents higher at $3.847/MMBtu Thursday, a slight reversal from its recent decline after a mildly bullish weekly gas storage report showed injections below expectations. For the week that ended July 18, the US Energy Information Administration reported an injection of 90 Bcf. Analysts had expected an injection of between 94 Bcf and 98 Bcf. While the move higher came in response to the EIA report coming in below expectations, the data was bearish overall historically as the injection was almost double both the 43 Bcf build in the same week a year ago and the 46-Bcf five-year average. “We got a little bit of a pop after the number came out,” Price Futures Group senior analyst Phil Flynn said. “The selloff had been priced in and now we’re going to get some of that back.” Flynn cautioned that the gas […]