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By Barani Krishnan
Investing.com — Utilities pulled 50 billion cubic feet from U.S. natural gas storage last week, more than double the previous week’s draw, the Energy Information Administration said Thursday, even with heating demand indicated to be less colder than normal for this time of year.
Analysts tracked by Investing.com had anticipated a draw of 45 bcf from stockpiles during the week ended Dec. 9. In the prior week to Dec. 2, the drawdown was 21 bcf.
There were around 137 actual heating degree days, or HDDs, last week, lower than the 30-year normal of 160 HDDs for the period, according to Reuters-associated data provider Refinitiv.
HDDs, which are used to estimate demand to heat homes and businesses, measure the number of degrees a day’s average temperature is below 65 Fahrenheit (18 Celsius).