Jeremiah Shelor

February natural gas was set to open about 11 cents higher at around $2.846 Thursday, as weather data suggested the current cold blast — expected to extend well into the first week of the new year — could stick around a bit longer.

The Energy Information Administration (EIA) on Thursday reported a storage withdrawal in line with market expectations, and the already surging February contract continued unabated.

Natural gas spot prices at Ventura, IA, skyrocketed to record levels Thursday, hearkening back to the polar vortex conditions of winter 2013/14 and leaving Northern Natural Gas and Northern Border pipelines prepared to take action to maintain balance on their systems.

Extreme frigid temperatures sent spot market prices across the middle of the country surging Thursday, including trades as high as $100/MMBtu in the Midcontinent. The NGI National Spot Gas Average jumped 86 cents to $5.78/MMBtu.

The expiring January natural gas contract was set to open about 5 cents higher Wednesday at around $2.697 amid only small changes to forecasts calling for below-normal temperatures across much of the country the next 10 days and warming after that.

With below-normal temperatures spread across the eastern two-thirds of the country, natural gas spot prices continued to strengthen Wednesday, while futures saw a late rally ahead of the January contract expiration. New England points moderated from Tuesday’s polar vortex-level price spikes, leaving the NGI National Spot Gas Average to finish 43 cents lower at $4.92/MMBtu.

Soon-to-expire January natural gas was set to open about 7 cents higher at around $2.732 Tuesday, finding support over the long holiday weekend from forecasts that call for chilly temperatures into the first part of the new year.

Baby, it’s cold outside.

In a shortened trading day Friday ahead of the Christmas holiday, natural gas futures nosed higher as forecasts continued to show frosty weather through the end of the year.