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Daily Prices

8/22/24

Natural Gas Futures Jump After EIA Reports Rare Summer Storage Draw

By Chris Newman

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Published in: Daily Gas Price Index Filed under:

Natural gas futures pushed higher Thursday after the U.S. Energy Information Administration (EIA) reported a rare summer withdrawal of 6 Bcf from storage for the week ended Aug. 9.

NGI's EIA storage chart

The September Nymex contract was up 3.4 cents at $2.253/MMBtu ahead of the 10:30 a.m. ET government report. As the data hit screens, the prompt month jumped as high as $2.301. By 11 a.m. ET, the September contract was trading up 6.1 cents at $2.280.

The print was the first weekly withdrawal for August, according to EIA records going back to 2010.

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Chris Newman

Chris Newman joined NGI in October 2023. He worked 18 years at Argus Media, starting in 2004 in Washington, D.C., where he covered U.S. thermal/coking coal markets and rail transportation. In 2014, he moved to Singapore to help lead Argus’ coverage of steel and its raw material feedstocks. A graduate of the University of Virginia, Chris returned to his native Virginia in 2021.