After eight straight gains, natural gas futures stumbled on Tuesday as weather forecasts backed off the intensity of frigid weather expected in Texas later this week. Warmer weather in Europe, along with an increase in Russian gas flows to the continent, also weighed on U.S. markets, with the March Nymex gas futures contract down 12.3 cents to $4.751/MMBtu. April settled at $4.573, off 10.2 cents.

Southern Star

At A Glance:

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

Spot gas prices were mixed, but leaned lower overall thanks to substantial decreases in the Northeast. NGI’s Spot Gas National Avg. tumbled 46.5 cents to $6.125.

While there is no disagreement that widespread cold is to blanket much of the United States this week, weather models in...