U.S. utilities withdrew 124 Bcf natural gas from storage during the week ended March 4, the Energy Information Administration (EIA) reported on Thursday. The result modestly exceeded market expectations, supporting a morning rebound in Nymex natural gas futures.

“It was colder than normal over the northern and central U.S.” during the latest EIA report period, NatGasWeather said. 

What’s more, demand for U.S. liquefied natural gas has proved robust during the covered period and throughout the more than two-week war in Ukraine, with feed gas volumes hovering around 13 Bcf and near capacity.

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Ahead of the EIA report, the April futures contract...