February got off to a wild start in the natural gas spot market during the Jan. 31-Feb. 3 trading week. Parts of the Northeast saw prices surge to record highs, all to come crashing down the very next day. When the dust settled, NGI’s Weekly Spot Gas National Avg. climbed $1.375 to $6.255/MMBtu.

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Nymex natural gas futures, meanwhile, headed south as this week’s Arctic blast was to be quickly followed by much warmer weather. The rise in temperatures was expected to lead to a swift recovery in production, while also padding stocks further. The March Nymex contract settled Friday at $2.410, off 4.6 cents on the day and down 26.7 cents from Monday’s close.

Though mostly sleepy this winter, Northeast cash markets stole the show this week as frigid polar air spread across the...