Natural gas futures probed higher early Thursday, testing the $3/MMBtu barrier as higher confidence in frigid temperatures this month and the prospect of a hefty storage withdrawal boosted prices. The March Nymex contract was up 8.7 cents to $2.998/MMBtu at around 8:50 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

Analysts at EBW Analytics Group attributed the early price gains Thursday in part to increased market confidence in the likelihood of “bitter cold” temperatures setting up for the Feb. 12-18 period. Prices on the March contract were testing a band of resistance between $2.985 and $3.05 early Thursday, they said. 

“With severe cold weather expected to blanket the Midcontinent and the Rockies and extend deep into the South, extensive freeze-offs are becoming increasingly likely, potentially adding to...