Natural gas prices spiked Tuesday, extending the gain made a day earlier to jumpstart 2021 trading, as weather models pointed to fresh bouts of cold air over the Midwest and East in the second half of January.

Evening Markets

The February Nymex gas futures contract jumped 12.1 cents day/day and settled at $2.702/MMBtu. March advanced 11.2 cents to $2.673.

NGI’s Spot Gas National Avg. climbed again Tuesday, rising 8.5 cents to $2.710 after advancing more than 18 cents a day earlier.

Midday weather models were not as bullish as those overnight, NatGasWeather said Tuesday, but they still favored chilly patterns across the central United States and into the eastern third of the country Jan. 17-20.

“With this winter again playing out much warmer than normal so far, it’s critical colder...