The Energy Information Administration (EIA) reported a 237 Bcf withdrawal from natural gas storage inventories for the week ending Feb. 12, not showing nearly as steep a drawdown as what had been expected by the market.

storage Feb. 12

Nymex natural gas futures were already sharply lower ahead of the EIA report and then fell even more once the report was released. The March contract was trading near $3.090/MMBtu in the minutes leading up to the report and then slipped to around $3.070, off 15.0 cents from Wednesday’s close, as the print crossed trading desks. By 11 a.m. ET, the prompt month was back at $3.094, off 12.5 cents day/day.

Bespoke Weather Services, which had pegged the draw at 250 Bcf, said despite the much lower figure, it classifies the EIA print as “neutral”, impact wise, as...