Natural gas storage levels dropped -174 Bcf, more than the -167 Bcf draw that was expected. Storage levels are now -8.0% (previously -5.3%) below a year ago and -4.4% (previously -4.1%) below the 5-year average.

Cold weather in late January caused gas inventories to flip from a historically oversupplied level, now, an undersupply. As expected, this is putting upward pressure on natural gas prices.