The EIA reported that for the week ending January 30, 2026 (the bulk of this past cold snap), utilities in the lower 48 states withdrew -360 bcf from storage. A huge volume, but somewhat less than anticipated. NYMEX was down about 10 cents in reaction, but slowly climbed back up throughout the rest of the day. The day settled with little to no change in NYMEX future prices, March 2026 only up 4 cents. Inventories are now only a sliver under the 5-year average.