The U.S. Energy Information Administration (EIA) on Thursday reported a withdrawal of 31 Bcf natural gas from storage for the final week of 2021. The result fell far short of the midpoint of analysts’ estimates and punctuated market concerns about weather-driven demand.

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The result was “super-duper bearish,” as one participant on The Desk’s online energy platform Enelyst put it.

NatGasWeather said a “perfect combination” of factors minimized the withdrawal rate for the period. These included “much warmer than normal temperatures over most of the U.S.” and “weak demand due to the Christmas holiday week,” the firm said. In addition, there was strong wind generation in the power sector, lighter export demand and stronger domestic production, the forecaster...