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Cold weather led to record-high natural gas storage withdrawals

EIA: “Last week’s widespread, record-breaking cold weather had significant effects across virtually all segments of the U.S. natural gas market. The frigid temperatures led to record highs in demand, storage withdrawals, and prices. The week ending January 10 posted a record-high net withdrawal of 287 billion cubic feet (Bcf) from underground, natural gas storage facilities. The January 10 withdrawal is the largest for the 20 years for which data exist and the latest in a season already characterized by withdrawals much larger than average. This week’s storage withdrawal was the second record-breaking weekly stock draw this season; the withdrawal of 285 Bcf for the week ending December 13 exceeded the previous record of 274 Bcf from January 2008. Cumulative net withdrawals, as of January 10, 2014, exceeded the previous record levels posted during the 2000-2001 heating season. Bentek Energy estimated stock draws hit 57.1 Bcf on January 6, and then 67.9 Bcf the following day. The next-highest draw was 52.9 in February 2011.”

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