The NYMEX May natural gas futures contract rose 10.8 cents to close at $2.713/MMBtu Thursday as the market responded positively to a US Energy Information Administration storage draw that came in above expectations. US natural gas in storage fell 18 Bcf to 1.461 Tcf for the week ended March 27, the EIA said Thursday, above consensus expectations of a withdrawal between 8 Bcf and 12 Bcf. EIA in the corresponding week last year reported a 71-Bcf draw, while the five-year average is a 22-Bcf withdrawal. Tim Evans, energy futures specialist at Citi Futures, said the 18-Bcf net withdrawal was “bullish relative to expectations but more neutral in seasonally adjusted economic terms.” It also suggests that the market’s supply-demand balance may be “a little bit tighter” than previously believed. However, given the current temperature forecast and the expected drop-off in heating demand, Evans said the “downside for prices remains open” […]