Natural Gas futures hit 8-week high on small storage build.

July Natural Gas futures rallied to an 8-week high, trading near session peaks of 3.294, up 6.43%. The upward momentum followed the weekly EIA storage report, which printed a build of 92 billion cubic feet. This injection came in below market expectations and fell short of the 5-year average build of 97 billion cubic feet. The storage update increased total U.S. supplies to 2,483 billion cubic feet, effectively reducing the market surplus to 144 billion cubic feet. Looking ahead, short-term domestic demand is expected to remain muted over the next 7 days. Comfortable weather systems are projected to move across parts of the U.S., keeping high temperatures mostly in the 60s, 70s, and 80s.