The U.S. Energy Information Administration (EIA) said 151 Bcf was withdrawn from natural gas inventories for the week ending Jan. 27, coming in on the high side of estimates ahead of the weekly report.

EIA storage02022023

Notably, however, the latest government data included a revision from the previous week’s report, which reflected slightly higher levels of storage. The revision in the Midwest region caused the stocks for the week ending Jan. 20 to change to 2,734 Bcf from 2,729 Bcf, according to EIA. This reflected a net draw of 86 Bcf, rather than the 91 Bcf pull originally reported.

Natural gas futures, already slightly higher on the day during morning trading at around $3.540/MMBtu, picked up another penny or so as the EIA print hit the screen. By 11 a.m. ET, however, the March Nymex...