After a meaningful step higher over the past week or so, natural gas futures steadied a bit on Tuesday and traded in a tight range. Small deviations in supply and demand ultimately sent the May Nymex contract down 2.2 cents to settle at $2.727, while the June contract slipped 1.5 cents to $2.803.

Forward Basis Curves

Spot gas prices were higher on Tuesday, with gains finally catching on across the East amid the colder outlook for the week. NGI’s Spot Gas National Avg. climbed 6.0 cents to $2.650.

Though fluctuations in weather don’t often matter much this time of the year, the latest models continued to show stronger-than-normal national demand through the weekend as a series of chilly weather systems sweep across the country, according to NatGasWeather. These cold weather systems are forecast...