Fresh off a week of mostly steady declines, natural gas futures extended their losses on Monday as springlike weather blanketed much of the Lower 48. With production strong and a storage surplus set to grow in the coming weeks, the March Nymex gas futures contract settled at $2.073/MMBtu, down 20.2 cents from Friday’s close.

At A Glance:

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

Spot gas prices were mostly lower as well. Like throughout much of the winter, the West was an exception amid a series of storms that hit the region. NGI’s Spot Gas National Avg. ultimately climbed 14.5 cents to $2.710.

With only a handful of days through early March expected to drive any meaningful gas demand outside of the West, the clock is winding down...