February natural gas futures rebounded from early weakness Monday to settle shy of $3.000/MMBtu as weather models firmed up expectations for more heating demand from this week’s two winter storms and colder weather into next week.

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The February Nymex natural gas futures contract rose 8.7 cents day/day to settle at $2.980, after trading across a 31.8-cent range with a day high of $3.012.

NGI’s Spot Gas National Avg. fell 10.5 cents to $2.990.

Production jumped near record levels above 106 Bcf/d on Saturday and Sunday, then slipped to around 105.6 Bcf/d on Monday, according to Wood Mackenzie estimates.

After a mild start to winter, January has begun to send a parade of winter storms and icy temperatures across the country that should boost natural gas demand toward...