Natural gas futures were sluggish to start the week as weather models came into agreement in showing a lack of continued frigid weather into early February. Though production remains off recent highs and export demand continues to be near record levels, the February Nymex gas futures contract on Monday settled at $4.027/MMBtu, up only 2.8 cents from Friday’s close.

jan 24 market

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Spot gas prices put up more notable gains with the strongest gas demand on tap this week. However, hefty losses in the Northeast brought down NGI’s Spot Gas National Avg. 33.0 cents to $5.660.

Though futures finished the day in the green, trading behavior was “rather odd,” according to Bespoke Weather Services....