The U.S. Energy Information Administration (EIA) on Thursday reported a withdrawal of 14 Bcf of natural gas from storage for the week ended Dec. 29. 

The paltry result, linked to strong production and benign weather, fell far short of historical norms and analysts’ already modest expectations, but Nymex natural gas futures held steady.

Ahead of the EIA report early Thursday, the February futures contract was up 10.9 cents at $2.777/MMBtu, extending momentum gathered in a rally over the prior two days amid forecasts for harsh cold by mid-month. The prompt month slipped to around $2.766 when the EIA data was released at 10:30 a.m. ET. After another 30 minutes of trading, though, it was still firmly in the green, up 8.5 cents to $2.753.

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