The NYMEX March natural gas futures contract settled at $2.713/MMBtu Thursday, down 8.4 cents, as the market responded bearishly to gas storage data that was on the low end of analyst expectations. “The smaller-than-expected 160-Bcf draw was the third consecutive bearish miss, reinforcing the idea that the background supply/demand balance has weakened, most likely on increased supply,” Citi Futures Perspective analyst Tim Evans said in an email. “This will be a test of market sentiment and will possibly downgrade the concern about upcoming cold.” US natural gas in storage fell 160 Bcf to 2.268 Tcf for the week that ended Friday, the US Energy Information Administration said Thursday in its weekly gas storage report. The pull from storage stocks was on the low end of analyst expectations that EIA would estimate a 160-170 Bcf draw. “On its face, the draw was not that bearish, […]