After some intraday volatility amid thin pre-holiday trading, natural gas futures shot higher midweek on the increasing likelihood that frigid air would finally descend into vast stretches of the United States. The January Nymex gas futures contract soared 10.7 cents to settle at $3.976 on Wednesday. The prompt month has gained 28.6 cents over the past three sessions.

At A Glance:

  • LNG export volumes weaken
  • Cooling demand dissipates
  • Production slips in Permian

Spot gas prices were mixed as chilly weather remains in the West and northern Plains while the rest of the country is forecast to see a continuation of mild conditions. NGI’s Spot Gas National Avg. jumped 40.0 cents to $5.150.

With temperatures expected to set record highs in some places over the next week or so, the...