The Energy Information Administration (EIA) reported another larger-than-expected withdrawal from natural gas storage inventories, this time a 217 Bcf pull that eclipsed NGI’s high-side estimate.

Nymex natural gas futures were trading about a nickel higher at around $2.450/MMBtu in the minutes leading up to the EIA report, then bounced another couple of cents as the 217 Bcf draw hit screens.

“Texans don’t like cold,” said a participant on Enelyst, an online energy chat. “Or ice,” said another.

[Where are natural gas prices headed this summer? Understand current market fundamentals and what they might mean for prices down the road by watching NGI’s recent webinar, “Outrunning the Bear: Summer Natural Gas Pricing & Fundamentals.” Watch the replay.]

While most...