Spooked by the natural gas market’s third-largest storage withdrawal on record that took a huge bite out of the supply surplus, traders sent February baseload prices higher for several U.S. locations on the first day of bidweek trading, according to NGI’s Bidweek Alert (BWA).

Gains were strongest in the West, where California’s SoCal Citygate traded about $1.30 higher month/month at around $5.46/MMBtu, BWA data showed. In the northern part of the state, PG&E Citygate climbed more than $1.20 on the month to $5.520.

Coming off a stout 29 Bcf withdrawal in the Pacific, inventories in the region fell to 228 Bcf as of Jan. 19, leaving stocks a little more than 10% above the five-year average.

Looking ahead, temperatures are expected to moderate in the West, much like the...