The U.S. Energy Information Administration (EIA) posted a withdrawal of 47 Bcf natural gas from storage for the week ended March 24. The result fell short of median estimates in polls while inventories remained well above average levels. Natural gas futures faltered in the wake of the report.


Ahead of the print, May Nymex futures were down 4.1 cents from the prior day’s close to $2.143/MMBtu. When the EIA data crossed the wires at 10:30 ET, the contract, in its debut as the front month, fell further to $2.115. About 30 minutes later, it was down 6.7 cents at $2.117.

Before it rolled off the books, the April contract on Wednesday closed below the $2.00 handle. 

Prior to the report, draw estimates submitted to Reuters ranged from 48 Bcf to 61 Bcf, with a median of 54 Bcf....