Natural gas futures fell Thursday after data showing a larger-than-expected draw from stockpiles that set a new record for any week in March. The U.S. Energy Information Administration said storage levels fell by 198 billion cubic feet in the week ended March 6. That is seven bcf more than the 191-bcf consensus average of 22 forecasters surveyed by The Wall Street Journal. The severe cold covering most of the country last week led to enough heating demand to cause the largest drain on record in EIA statistics dating through 1994. The previous record came last year, when 195 bcf were drained from stockpiles in the week ended March 7. Half of U.S. homes use natural gas for heating fuel, so single-digit temperatures like those that hit major markets across the country last week are big drivers for demand. The EIA update is widely considered one of […]