The U.S. Energy Information Administration (EIA) reported a withdrawal of 80 Bcf natural gas into storage for the week ended Nov. 18. The result came in slightly lighter than market expectations. Still, it was much steeper than the five-year average and supported already lofty Nymex natural gas futures.

Storage Report

“We are clearly well into the heating season now,” Refinitive analyst John Abeln said on the online energy platform Enelyst. His firm forecast this winter overall will be colder than the 30-year average. It “will be the third La Niña winter in a row, something that has not happened since 2000-01. La Niña winters typically feature cold weather in the Northwest,” which can spread throughout much of the Lower 48.

The weather during the latest EIA report period provided an...