U.S. natural gas inventories, according to the EIA, increased by 33 billion cubic feet (bcf), compared with market expectations of 30 bcf and the previous reading of 28 bcf.

• US natural gas inventories increased by 33 billion cubic feet (bcf) in the latest EIA report, compared with a market expectation of 30 bcf and a previous build of 28 bcf .
• On a year-over-year basis, inventories were 12 bcf lower . At the same time, storage levels remained 195 bcf above the five-year average of 2,922 bcf , while total working gas stayed within the historical five-year range.
• Looking ahead, weakening cooling demand and an expected increase in natural gas supply from the Permian Basin point to softer market fundamentals toward the end of the summer.
• On the other hand, the next five days could bring the final significant nationwide boost in cooling-related natural gas demand this season as hot weather persists.

NATGAS chart (D1 timeframe)

Source: xStation5