February natural gas futures fell a second consecutive day after an anemic storage print – and expectations for more ahead – punctuated supply/demand imbalance concerns and weighed on prices.

At A Glance:

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

The February Nymex contract declined 3.6 cents day/day and settled at $3.275/MMBtu. Gas for delivery in March eked out a 1.3-cent gain to $3.124.

NGI’s Spot Gas National Avg., meanwhile, dropped 83.5 cents to $5.095 amid benign weather this week.

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Production through most of January to date has held above 100 Bcf/d – close to record levels – while...