Monstrous increases throughout the western United States overshadowed a general softening in natural gas prices throughout the Dec. 5-9 trading week. As cash prices surged to $55.00/MMBtu in California, the Desert Southwest and the Rockies, NGI’s Spot Gas National Avg. jumped 39.5 cents to $7.575.

Nymex natural gas futures took a back seat to the West Coast action, but the potential for more widespread cold next week drove January prices back above $6.00. By Friday, the prompt month had climbed to $6.245, up 28.3 cents on the day and up 66.8 cents from Monday’s close.

After a warm start to December, traders have been fixated on long-range weather forecasts calling for the possibility of Arctic air plunging deep into the Lower 48 next week. Unfortunately, there remain...