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The EIA announced a 30 Bcf injection for the week ended Nov. 4, which was in line with average market expectations. The full range of forecasts ahead of the release was +24 to 43. The storage report is bearish as prices continue its downward trend. Prompt month (Dec16) is currently trading down 8 cents at $2.685/MMBtu, as of this of writing. The Dec contract has lost almost $1/MMBtu in the last 3 weeks as mild temperatures continue to be in the forecast.

U.S. storage inventories have reached nearly 4.05 Tcf, about 50 Bcf higher than this time last year, and are expected to post another increase next week (although smaller). The first withdrawal of the season is currently expected for the week of November 25.

Weak weather continues to drive price volatility. Today’s NOAA forecast indicates warmer-than-normal temperatures are expected for December across California, the Southwest, and the Northeast, b...