The Energy Information Administration (EIA) reported a monstrous 206 Bcf withdrawal from storage for the week ending Jan. 14, a steeper pull than the market was expecting.

Nymex natural gas futures had a modest reaction to the triple-digit draw, though, which was the first 200-plus Bcf withdrawal of the winter season. The February Nymex contract was trading more than 17 cents lower ahead of the EIA report at $3.856/MMBtu and then bumped up to $3.862 as the print crossed trading desks. By 11 a.m. ET, however, the prompt month was at $3.843, off 18.8 cents from Wednesday’s close.

Bespoke Weather Services said the 206 Bcf pull was “a very tight number” in terms of the supply/demand balance. Much of this is because of the production declines thanks to freeze-offs, which should...