US: EIA Natural Gas Storage rises by 81 Bcf vs. 94 Bcf expected

Eren Sengezer FXStreet

The weekly report published by the US Energy Information Administration (EIA) showed that the working gas in storage was 3,369 billion cubic feet (Bcf) as of Friday, October 8, representing a net increase of 81 Bcf from the previous week.

This reading came in lower than the market expectation of 94 Bcf.

"Stocks were 501 Bcf less than last year at this time and 174 Bcf below the five-year average of 3,543 Bcf," the publication further read.

Market reaction

US Natural Gas (spot) prices rose sharply after this report and were last seen rising nearly 4% on the day 6.015.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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