NYMEX May natural gas futures settled at $2.531/MMBtu Thursday, down 7.5 cents as the market responded to US Energy Information Administration data showing a build in storage stocks at the higher end of analyst expectations. US natural gas in storage rose 90 Bcf to 1.629 Tcf for the week ended April 17, the EIA said Thursday. This was at the upper end of the consensus of analysts surveyed by Platts of an injection between 86 Bcf and 90 Bcf. “The 90-Bcf net injection into US natural gas storage for last week was slightly more than the consensus expectation and bearish compared with a 46-Bcf five-year average for the date,” Citi Futures Perspective energy futures specialist Tim Evans wrote in a daily commentary. Aaron Calder, senior market analyst at Gelber & Associates, said that the 90 Bcf injection suggests the market remains oversupplied by about 3 Bcf/d, according to his […]