A 7.1-cent drop by prompt-month futures a day earlier and the usual negative impact of industrial load loss over a weekend were outweighed by forecasts of continued near-freezing lows in much of North America in rallying most of the cash market to moderate gains Friday.

A large majority of points were flat to about 40 cents higher, with the Northeast seeing most of the largest increases as more seasonable temperatures started invading its territory following relatively mild conditions earlier in the week. Losses were modest in ranging from 2-3 cents to a little more than a nickel.

Cash traders can count on some screen support Monday after January futures halted last week’s four-day slide with a rebound of 12.7 cents Friday (see related story).

Even though moderate temperatures Thursday afternoon made it seem unlikely, the Houston area did receive a fair amount of snow much of Friday. In addition, possible snowfalls were expected to extend into the eastern end of the South Saturday.

And after getting a bye from seasonal temperatures for most of the week, freezing lows and snow were predicted for the weekend in the Northeast, which is where most of Friday’s larger price gains occurred. Frigid weather was already in residence from the Midwest through the Rockies, Pacific Northwest and Western Canada, so those markets were relatively sedate, although the big cooldown in the Pacific Northwest resulted in Friday’s biggest upticks being at Westcoast Station 2 and Sumas.

Cold weather-related OFOs or similar constraints remained a no-show on pipes as of Friday afternoon.

SunTrust Robinson Humphrey analysts noted that the 2 Bcf storage injection reported by the Energy Information Administration for the week ending Nov. 27 marked the first time since 2001 that gas had not been withdrawn from storage (on an aggregate net basis) during the month of November, “which speaks to relatively high supply, subdued industrial demand and extremely mild November weather.”

The Baker Hughes Rotary Rig Count reported no change in the number of drilling rigs seeking natural gas in the U.S. during the week ending Dec. 4, leaving the tally at 748. A two-rig addition in the Gulf of Mexico was offset by two rigs quitting the onshore search, Baker Hughes said. Its latest count was up 2% from a month earlier but 48% less than the year-ago level.

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