The NYMEX August natural gas futures contract continued to plunge midday Thursday on an above-average storage injection that also was higher than analyst expectations.
As of 12:15 p.m. EDT (1615 GMT), it traded at $3.576/MMBtu, 16.1 cents below Wednesday's close.
The US Energy Information Administration reported an injection of 95 Bcf for the week that ended Friday, which was above consensus estimates for a build between 88 Bcf and 92 Bcf and way above the 58-Bcf addition to stocks reported a year ago.
"Today's inventory [is providing] the impetus for another leg lower," said Kilduff Report analyst Mike Fitzpatrick, who added that the one-year and five-year average supply deficit continues to narrow.
The contract will likely "grind lower" with occasional corrective spikes higher, Fitzpatrick said.
The August contract has traded so far Thursday between $3.563/MMBtu and $3.757/MMBtu.
