February natural gas prices established another new contract low overnight but have since tried to stabilize. The weakness in prices has pushed the nearby contract to its lowest level since level since February 2002. Yesterday's EIA inventory data was seen by some traders as an added negative. The weekly natural gas storage report showed a draw of 87 bcf, which was slightly smaller than expected. Total storage stands at 3,290 bcf or 20.8% above the 5 year average. Over the last four weeks natural gas storage has declined 339 bcf.
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