Exceptional warmth near-term and an enduring supply buffer kept the pressure on regional natural gas forward prices during the Feb. 1-7 trading period, according to NGI’s Forward Look.

March fixed prices at benchmark Henry Hub dropped 13.6 cents to end at $1.976/MMBtu, setting the pace for coast-to-coast discounts at the front of the curve. 

With only a handful of exceptions, Lower 48 hubs shed value across the 2024 strip, illustrating the prevailing bearish sentiment as weather-driven demand has largely missed the mark this heating season.

Recent forecasts suggested a reprieve from exceptionally bearish weather could arrive mid-month. However, whether the pattern shift would serve up enough demand to rescue flagging prices remained an open question.

“The pattern will...