2016-12-17

The EIA announced a 147 Bcf withdrawal for the week ended Dec. 9. The draw was higher than average market expectations. The full range of forecasts ahead of the release was -114 to -144. The 147 Bcf draw is the largest over the past 5 years and compares to a 46 Bcf draw reported last year and a five-year average withdrawal of 79 Bcf. The storage report is bullish as prices went up following the EIA report. Prompt month (Jan17) is currently trading up 2-3 cents to 3.567/MMBtu, at time of writing. Working gas storage inventories dropped to 3.806… ......

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