The Energy Information Administration (EIA) reported an on-target 192 Bcf withdrawal from natural gas storage inventories for the week ending Jan. 29. However, the figure was enough to prompt a quick recovery in prices that had started to slip in the minutes leading up to the report.

EIA Storage Report

The March Nymex gas futures contract had been holding steady Thursday morning and remained in positive territory until right before the EIA released the report at 10:30 a.m EST. The prompt month then dipped to $2.788, off one-tenth of a cent, before bouncing back to $2.806 as the print crossed trading desks.

“Prices are jumping off that neutral number,” said Enelyst Managing Director Het Shah.

Futures continued to climb in the half-hour after the EIA report. By 11 a.m., the March contract...