Weekly natural gas cash prices opened 2024 riding a wave of winter weather momentum, gaining substantial ground alongside the futures market.

NGI’s Weekly Spot Gas National Avg. for the Jan. 2-5 trading period jumped 82.5 cents to $2.970.

Conditions were defined by colder air in the Midwest to start January and expectations for a significant weekend snowstorm in the East. Forecasts also called for a widespread freeze in the week ahead – and into the following week — that could galvanize strong national heating demand.

As the trading week closed, strong gainers spanned the Lower 48. SoCal Border Avg. spiked $1.900 to $4.525, while Northwest Sumas surged $2.370 to $4.330 and Algonquin Citygate near Boston climbed $3.145 to $5.060.

The February Nymex contract rallied...