Natural gas prices rebounded Friday from a loss the day earlier as volatile weather forecasts shifted back to expectations for a severe winter chill in late January that could drive a surge in heating demand.

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The February Nymex gas futures contract climbed 7.1 cents day/day and settled at $2.737/MMBtu on Friday. The advance more than made up the 6.1 cents lost a day earlier, when weather outlooks had tilted warmer. March gained 6.6 cents to $2.696.

Spot gas prices finished the week strong as well, with NGI’s Spot Gas National Avg. up 10.5 cents to $2.845.

“We finally see a colder pattern arrive here as we head into late month” focused on central and western portions of the Lower 48, “but with some cold bleeding eastward” under a North Atlantic Oscillation block in...