Daily Market Update

The US Energy Information Administration reported a net injection of 91 Bcf for the week ending July 3rd.  This was above the consensus estimates calling for an injection in the range of 84-88 Bcf.  The August NYMEX natural gas contract was down initially on the news, trading at a low of $2.644 per Dth.  The 91 Bcf injection compares to an injection of 94 Bcf for the same period last year, decreasing the total surplus when compared to last year to 659 Bcf.  The 91 Bcf injection was well above the 5-year average for the same period, which was an injection of 75 Bcf, increasing the total surplus compared to the 5 year average to 45 Bcf.