February Nymex natural gas futures closed the first day as the front-month contract up 12.0 cents, adding to early gains after the U.S. Energy Information Administration (EIA) reported a storage withdrawal that surprised the market to the upside.

At A Glance:

  • February contract ends 12 cents higher
  • EIA reports 87-Bcf bullish draw
  • Cash sinks with weekend inclusion

The contract settled Thursday’s regular trading session at $2.557/MMBtu, above the intraday low of $2.412 and below the session’s $2.576 high.

Cold weather outlooks pulled futures up early in the session and supported mixed activity in the spot gas market for natural gas traded for Friday, Dec. 29 through Sunday, Dec. 31, flow to accommodate business closures for the New Year’s holiday.

NGI’s Spot Gas...