High NatGas Storage Report Fails to Move NYMEX Price Lower

It has been a wild ride on the NYMEX natural gas futures roller coaster this week. Record highs and record drops. Natural gas shortages in Europe and Asia are forcing prices to spike in the U.S. Yesterday the U.S. Energy Information Administration (EIA) reported a "very ugly" (as in high) storage report of 118 Bcf (billion cubic feet) of natural gas injected last week, which was 10 Bcf higher than most experts thought it would be--and yet all that extra supply didn't move the needle on the NYMEX price which closed the day even from the day before, closing at $5.68/MMBtu.

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