Despite Steep Storage Pull, February Natural Gas Futures Drop Lower

• Markets fixated on shifting weather patterns
• EIA reported a withdrawal of 134 Bcf from natural gas storage
• U.S. LNG volumes held steady on strong Asian demand

In a third consecutive day of topsy-turvy trading, natural gas futures ultimately finished firmly in negative territory, as markets fixated more on shifting weather patterns than a bullish storage report and rising U.S. liquefied natural gas (LNG) volumes.

The February Nymex gas futures contract settled at $2.666/MMBtu, down 6.1 cents day/day. March fell 5.9 cents to $2.630.

NGI’s Spot Gas National Avg. also lost ground, shedding 10.5 cents to $2.740 after losing 8.0 cents the day before amid seasonally mild temperatures.

NatGasWeather said data in both the domestic Global Forecast System (GFS) and the European...