March Nymex natural gas futures ended 5.0 cents lower Thursday as a widely anticipated storage withdrawal print from the U.S. Energy Information Administration (EIA) did little to quell bearish market sentiment.

At A Glance:

  • Futures end 5.0 cents lower
  • Storage draw offers no surprise
  • Weather pressures spot gas prices

The front-month contract settled at $1.917/MMBtu after trading to a better-than-three-year low of $1.867.

NGI’s Spot Gas National Avg. also slid, falling 16.0 cents to $1.760 amid regional warming ahead of what could be another blast of Arctic cold.

The EIA reported a natural gas storage withdrawal of 75 Bcf for the week ending Feb. 2. The results aligned with forecasts. 

NGI hit the bullseye with its model targeting a 75 Bcf withdrawal, while a Reuters...