It was another EIA Thursday today, and unlike last week the print this week was at least able to spark some volatility, with prices settling down 1.8% on the day.
The EIA announced that 93 bcf of gas had been pulled from storage last week versus our estimate of 98 bcf, disappointing a market that had been looking for a more impressive (and maybe even triple-digit) draw.
The result was a withdrawal that was just slightly smaller than the 5-year average.
Yet even though the print missed, when looking back at the last 10 gas weeks it was not exactly loose.
Still, the miss was enough to pull the whole strip lower.
The April/October J/V spread fell to new lows.
Losses even extended out through cal 19 and into F-J 20, though beyond there we saw some gains.
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