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Withdrawal Less Than Expectations
The EIA reported a 237 Bcf withdrawal for the week ending February 1, 2019. The withdrawal was nearly a record for this week of the year and greater than the average, 160 Bcf, but less than the average of expectations of a 245 Bcf withdrawal.
The report was very bearish to prices and prices dropped through the trading day, with the March contract ending about 10 cents down for the day.
The week ending February 1 was the coldest week of the winter in the natural gas demand regions, but the withdrawal, for traders, was not reflective of the cold weather. The March/April spread went negative which shows that traders are not concerned about a supply crunch during the withdrawal season.
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