The NYMEX August natural gas futures contract climbed 3.9 cents to settle at $2.822/MMBtu as the market reacted to the US Energy Information Administration’s weekly gas storage report that was toward the low end of analysts’ expectations. The contract traded as high as $2.885/MMBtu before pulling back toward the end of trading. The EIA estimated an injection of 69 Bcf for the week ended June 26, which was toward the low end of expectations of analysts surveyed by Platts, who expected an injection between 68 Bcf and 72 Bcf. The injection was well below the 102-Bcf injection reported for the same week last year and the 75-Bcf five-year average injection. “If summer temperatures can continue at these elevated levels, we could see another [demand-led] rally. However, if the climate succumbs to the super El Nino that has developed, we can expect a swift drop and the potential for triple-digit […]