Natural gas futures found fresh footing in positive territory Wednesday, marking the first gain of 2023, amid estimates for a massive storage withdrawal report.

At A Glance:

  • Near-term weather favorable for bulls
  • Analysts see triple-digit storage pull
  • Outlook shows heating demand fading

After dropping 48.7 cents in the previous session and closing below $4.00, the February Nymex natural gas futures contract on Wednesday gained 18.4 cents day/day and settled at $4.172/MMBtu. Gas for delivery in March rose 13.9 cents to $3.780.

NGI’s Spot Gas National Avg. shed 93.5 cents to $5.370 on Wednesday, led lower by declines in western markets.

Still, while natural gas cash markets gave up ground overall, costs in the West remained lofty, with several hubs posting prices three...