February natural gas prices traded much higher overnight to their highest level since August 20th. It appears that a combination of cold weather prospects in key US demand areas along with Thursday's EIA storage draw were factors behind the surge higher. US natural gas storage levels marked their largest draw of the winter season with a decline of 243 bcf. Total storage stands at 2,716 bcf or 1.9% above the 5 year average. These figures also marked the seventh consecutive week that the current year's surplus over the 5 year average has contracted. Over the last four weeks natural gas storage has declined 652 bcf.
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