Pacific Gas and Electric has reclassified 51 Bcf (the largest ever) of natural gas in its storage system from working gas to base gas. The official number reported by the EIA was 16 Bcf, however, this is misleading as it includes the reclassified gas.
EIA reported a build of 67 Bcf for the week ending 6/11/2021. This was smaller than the median estimate of 70 Bcf. Today's stat fell within the expected range, which was 76 Bcf on the more bearish end, and 64 Bcf on the more bullish end.
Prices were down in the five minutes following the announcement, to $3.215, from $3.229 just before 9:30am.
