Today's natural gas EIA print seemed to confirm the slight bearish miss that was observed last week, when the EIA reported last week we injected 91 bcf of gas into storage. 

The print fell in line with other prints through the last 10 weeks, and generally matched a slightly larger injection observed last week. 

Yet the natural gas market shook off the print, declining 6 cents initially off it before recovering into the settle. 

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The front of the natural gas strip led the way higher, thanks in part to weather forecasts that remain very bullish. 

Our Morning Update showed very impressive GWDDs are still expected over the next couple of weeks, and it was a combination of forecasts and our latest reading of daily weather-adjusted balances that led us to correctly conclude in both our EIA Rapid Release and Note of the Day today that natural gas prices would recover into the settle after the EIA-driven decline. 

Climate Prediction Center forecasts have continued to pick up on these increasing heat risks as well. 

The natural gas strip is reacting as expected, with N/V narrowing significantly again today. 

(Click on image to enlarge)