The U.S. Energy Information Administration (EIA) reported a 91 Bcf withdrawal from natural gas storage inventories for the week ending Dec. 4, coming in above estimates that clustered around a draw in the mid-to-high 80s Bcf.

EIA storage Dec 4

Natural gas futures, already a few cents higher ahead of the EIA report, skyrocketed once the print hit the screen. The January Nymex contract was trading at $2.474/MMBtu, up 3.2 cents day/day, in the minutes leading up to the EIA’s 10:30 a.m. ET report. As the figure crossed trading desks, the prompt month jumped to $2.517, and by 11 a.m. was at $2.584, up 14.2 cents from Wednesday’s close.

“Somebody rubbed some smelling salts in that bull’s face; woke him up finally,” said Huntsville Utilities natural gas scheduler Donnie Sharp.

The EIA’s 91...