The NYMEX July natural gas futures contract jumped 9.1 cents Thursday to settle at $2.850/MMBtu as traders reacted to the US Energy Information Administration’s weekly gas storage report that showed injections slightly below expectations. The prospect of above-average temperatures across both coasts put additional upward pressure on the market. The EIA reported an injection of 75 Bcf for the week ended June 19. With the latest injection, total US gas in storage now stands at 2.508 Tcf, bringing the surplus from the year-ago level to 695 Bcf from 703 Bcf. The surplus to the five-year level fell to 35 Bcf from 46 Bcf. A consensus of analysts surveyed by Platts expected an injection between 76 Bcf and 80 Bcf. The National Weather Service, in its latest eight- to 14-day outlook, calls for an elevated probability of above-average temperatures across both the US East and West coasts, with the highest […]