The EIA announced a 147 Bcf withdrawal for the week ended Dec. 9. The draw was higher than average market expectations. The full range of forecasts ahead of the release was -114 to -144. The 147 Bcf draw is the largest over the past 5 years and compares to a 46 Bcf draw reported last year and a five-year average withdrawal of 79 Bcf.
The storage report is bullish as prices went up following the EIA report. Prompt month (Jan17) is currently trading up 2-3 cents to 3.567/MMBtu, at time of writing.

Working gas storage inventories dropped to 3.806 Tcf, taking stocks below 2015 and 5-year max for the first time since April. Inventories remain above the 5-year average by 186 Bcf or 5%.

Winter weather remains as the leading factor impacting prices over the past weeks. The 10-15-day weather forecasts weakened causing gas prices to lose over 20 cents per MMBtu on Monday, but have since gained some of them back.
 

Fundamentals:

Looking ahead, storage inventories are now below record highs and withdrawals will continue strong for at least...