For the third time in four weeks, a very bearish EIA report vs expectations sent natural gas prices significantly lower, with the July contract making fresh multi-year lows, settling under the $2.20 level. 

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The report showed last week's injection was a whopping 115 bcf. 

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This was well above most estimates, by as much as 8-12 bcf. While not as loose in terms of supply/demand balances as some of the last several weeks, it was barely below the 10-week trend line. 

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When looking only at the same gas week in prior years, the degree of looseness becomes more apparent, however. 

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Oddly enough, this comes with prices at multi-year lows, and production levels that are, according to the data, off the highs from late March. 

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