Leticia Gonzales

Despite warmth expected to linger through at least the middle of the month, February natural gas was set to open slightly higher Wednesday in a modest rebound after prices plunged below $3 on the last trading session of 2018. The Nymex February gas futures contract was trading at around $2.947, up seven-tenths of a cent, just before 9 a.m. ET.

A glance at January bidweek natural gas prices failed to reflect a market entering the peak of winter; dramatic losses of more than $1 were common as early-season cold made way for a far milder December, with long-range outlooks not yet conclusive as to when frigid conditions would return. The NGI Bidweek National Avg. tumbled 82.5 cents to $4.315/MMBtu.

In its first day in the prompt-month position, the Nymex February gas futures contract was set to open nearly 20 cents lower Friday as frigid air continues to struggle to develop in long-range weather models.

Natural gas prices continued to retreat from recent highs, with January tumbling 20 cents on average during the Dec. 19-26 period as mild weather was expected to continue through the first week of the new year.

The Energy Information Administration (EIA) on Friday reported a 48 Bcf withdrawal from natural gas storage inventories for the week ending Dec. 21, in line with market estimates.

As expected, February natural gas shed some serious holiday weight on Friday as weather data backed off some of the cold that was seen in early January and failed to show with certainty just when truly bone-chilling conditions would return. The Nymex February gas futures contract plunged 24.3 cents to settle at $3.303. March lost 20.5 cents to hit $3.148.

As expected, February natural gas shed some serious holiday weight on Friday as weather data backed off some of the cold that was seen in early January and failed to show with certainty just when truly bone-chilling conditions would return. The Nymex February gas futures contract plunged 24.3 cents to settle at $3.303. March lost 20.5 cents to hit $3.148.

Mild weather and light holiday demand combined to send weekly natural gas prices crashing down for the short Dec. 26-27 trading week, with some of the steepest losses occurring in the usually high-priced Northeast. The NGI weekly National Avg. plunged 42.5 cents to $3.07 for gas flowing through New Year’s Eve.

Another day, another wide trading range for natural gas futures prices, which ended Thursday’s session higher after unrelenting volatility. After dropping as low as $3.441, the Nymex January gas futures contract expired 9.9 cents higher at $3.642. The February contract edged up 8.8 cents to $3.546, and March rose 7 cents to $3.353.