The EIA reported today a net gas withdraw of -183 Bcf for the week ending January 12, 2018, which was less than the market predicted -199 Bcf. The withdraw was also lower than last years withdraw of -230 Bcf and the five-year average of -203 Bcf. Natural gas inventories stand at 2,584 Bcf compared to last years 2,952 Bcf and the five-year average of 2,946 Bcf. The Nymex prompt month is currently trading five cents below its previous settle price at $3.10/MMBtu.
The 6-10 day forecast favors lower natural gas prices: