NYMEX June natural gas futures settled 7.3 cents higher at $3.008/MMBtu Thursday as the market reacted to a government storage report that showed an inventory build below expectations. US natural gas storage stocks rose 111 Bcf to 1.897 Tcf for the week that ended Friday, the Energy Information Administration said Thursday. The build was shy of Platts consensus expectations of an injection between 115 Bcf and 119 Bcf. “Even though we saw an injection significantly above the five-year average, the market continues to test new highs,” Tradition Energy senior analyst Gene McGillian said. “Frankly, I’m a little puzzled.” Thursday’s $3.008/MMBtu settle marked the first time the prompt-month contract has closed above $3/MMBtu since January 19. The fundamental picture of continued growth in gas production and tepid heating demand during the shoulder season remains unchanged, McGillian said, and did not warrant prices breaking above $3/MMBtu. The only major change in […]