The Energy Information Administration (EIA) reported a “pretty bullish” 122 Bcf withdrawal from storage inventories for the week ending Dec. 11, in line with market expectations ahead of the report.

EIA storage dec 11

After briefly slipping into the red early Thursday, the January Nymex gas futures contract was trading a couple of cents higher at around $2.700/MMBtu in the minutes leading up to the EIA’s 10:30 a.m. ET report. As the print hit screens, however, the prompt month slipped back to $2.667, off a penny from Wednesday’s close. By 11 a.m., the losses mounted as the January contract hit $2.613, down 6.4 cents day/day.

Predictions ahead of the EIA report clustered around a draw near 120 Bcf, but some estimates were for a much steeper pull and could be why prices softened after the...