The Energy Information Administration (EIA) reported an on-target 88 Bcf withdrawal from natural gas storage inventories for the week ending Dec. 10, which had little initial impact on futures prices.

Ahead of the EIA report, a Bloomberg survey as of Wednesday produced a range of withdrawal estimates from 77 Bcf to 91 Bcf, with a median of 85 Bcf. Reuters polled 16 analysts, whose estimates ranged from withdrawals of 63 Bcf to 99 Bcf, with a median withdrawal of 88 Bcf. NGI modeled an 89 Bcf pull.

The January Nymex gas futures contract was trading 8.4 cents higher day/day at $3.886/MMBtu in the minutes leading up to the EIA’s 10:30 a.m ET report. As the 88 Bcf figure crossed trading desks, the prompt month slipped to $3.879 and by 11 a.m. ET was back at $3.883, up 8.1 cents...