February natural gas prices traded higher throughout the early morning hours and managed to break out to their highest level since December 14th. Reports early this morning showed reduced storage supplies at a key UK hub that seemed to come from increased heat-related demand and greater exports to Belgium, and that could be lending a measure of support to natural gas prices. In the meantime, expectations for this morning's EIA storage report are for a draw of 140 to 150 bcf, which is slightly larger than last year's draw of 130 bcf and the five year average draw of 118 bcf.
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