The U.S. Energy Information Administration (EIA) on Wednesday reported a withdrawal of 7 Bcf of natural gas from storage for the week ended Nov. 17. The draw proved steeper than expectations and sent Nymex natural gas futures higher.

December Nymex futures were trading marginally flat on the day at around $2.843/MMBtu ahead of the noon ET report. After the EIA print hit the screen, the contract jumped to $2.909. By 12:30 p.m. ET, the November Nymex contract was trading at $2.868, 2.2 cents above the prior day’s close.

The print week had almost 20 less heating degree days (HDD) than normal and 37 HDDs worth of demand less than a year earlier, according to analysts at Mobius Risk Group.

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