1445 ET - U.S. natural gas futures retreat after the EIA reports an above-estimate 36 Bcf weekly inventory build, extending the storage surplus to 198 Bcf from 195 Bcf, despite hot weather spurring high electricity demand. "What made today's EIA report probably sting a little more was optimism power burns have tightened over the past 1-2 weeks, which the EIA report suggested wasn't the case," NatGasWeather.com says in a note. "And it hasn't helped that wind energy generation has been strong the past few days when demand has been strong," including across Texas, the forecaster adds. Nymex natural gas settles down 2.7% at $2.727/mmBtu.
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