The NYMEX front-month natural gas contract settled 4.80 cents lower in Thursday trading after the storage build report announced by the US Energy Information Administration was higher than expected. The front-month contract dropped 5.80 cents to settle at $2.633/MMBtu, moving within a range of $2.606-$2.738/MMBtu. “Not only did we miss expectations with a higher than expected injection of 89, it still leaves us 1.4% above the five-year average, something we’ve only been able to say these past few weeks,” said Phil Flynn, senior market analyst at Price Futures Group. “Production data shows we are still going to see very strong production for gas. Right now, what’s keeping this market elevated is the cold weather.” The EIA announced an 89 Bcf injection for the week ended October 25, 4 Bcf higher than predicted by a survey conducted by S&P Global Platts Analytics and 24 Bcf higher than the […]