Yesterday, we were looking at an expected withdrawal of -38 bcf for the week ending November 29 according to one source.  Today we saw an expected withdrawal of -43, ranging from -30 to -57. 

The report came in this morning at -30.  Demand was lower than expected, so less gas was withdrawn. Compare this to a five-year average withdrawal of- 81bcf for this week and a -47 bcf withdrawal for this week last year.

The NYMEX rallied a bit before the number came out.  The January front month contract traded up to a high of $3.155 US/mm, up 11 cents from yesterday’s settlement.

The NOAA 8-14 Day Outlook is predicting above-average temperatures across the lower 48, so heating demand will be down slightly more than usual. However, not that average LNG demand has risen to 14.1 bcf/day so far in December.  Compare this to an average 13.6 bcf/d in November and an all time high of 14.7 bcf/d a year ago.