While the amount injected was +19Bcf, slightly below the expected 24Bcf, natural gas storage still remains significantly higher than average, and actually outside (above) the 5-year average channel.
The current amount in storage is 3.84Tcf.
Will UNG rise or drop now? Well, contango is still there. Jan 2011 prices are $4.24, while the current December contracts are priced at $4.06. That's a 4.4% differential.
Here are the current straddles. Current UNG price is non optimal, but it's doable since there's plenty of volume in UNG options (in the thousands).
If UNG moves 6.7%, those will become profitable. That means UNG above $6.20 or below $5.44. That's a tough one.
Computed with StraddlesCalc.