The U.S. Energy Information Administration (EIA) on Thursday reported a withdrawal of 117 Bcf of natural gas from storage for the week ended Dec. 1. The draw proved steeper than most expectations but within wider ranges.

Mobius Risk Group analysts said a cumulative withdrawal of more than 100 Bcf, and a South Central draw exceeding 30 Bcf, would “certainly warrant some correction” after Wednesday’s natural gas futures routing.

January Nymex futures were unchanged on the day at around $2.569/MMBtu ahead of the 10:30 a.m. ET report. After the EIA print hit the screen, the contract drifted higher to $2.574. By 11:00 a.m. ET, however, the January Nymex contract was trading at $2.528, 4.1 cents below the prior day’s close.

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