Utilities withdrew 60 Bcf of natural gas from storage for the week ended Feb. 16, the U.S. Energy Information Administration (EIA) reported Thursday. The result missed expectations, fell far short of the five-year average draw of 168 Bcf and added to downward pressure on Nymex natural gas futures.

A few minutes ahead of the 10:30 a.m. ET report, the March futures contract was down 6.1 cents at $1.712/MMBtu. The prompt month fell to around $1.689 shortly after the EIA data was released. By around 11 a.m. ET, it was down 10.0 cents to $1.673.

Prior to the report, estimates submitted to Reuters spanned withdrawals of 48 Bcf to 82 Bcf, with a median of 64 Bcf. Bloomberg’s survey, updated Thursday, produced a narrower range and a median draw expectation of 63 Bcf. NGI modeled a 65...