The Energy Information Administration (EIA) reported a monstrous 338 Bcf withdrawal from natural gas storage for the historically cold week ending Feb. 19, falling short of the all-time high but easily taking the second spot.

EIA storage Feb 19

April natural gas futures prices briefly bounced on the EIA figure, but anyone who blinked may have missed it. The prompt Nymex contract was trading relatively flat day/day at around $2.805/MMBtu in the minutes leading up to the report. As the data crossed trading desks, the April contract jumped to $2.819, but by 11 a.m. ET it was at $2.788, down seven-tenths of a cent from Wednesday’s close.

Analyst Stephen Schork, speaking on The Desk’s online energy chat Enelyst on Thursday, said the 338 Bcf draw fell short of the 359 Bcf record set in January 2018,...