For a third-straight day, Natural gas futures gave up ground, with warmer weather outlooks outshining expectations for a steep storage withdrawal. The February Nymex gas futures contract settled at $2.491, down 4.8 cents day/day. March fell 3.6 cents to $2.497.

“Weather is king,” Bespoke Weather Services said, “and continued warmth will keep the market under pressure.”

NGI’s Spot Gas National Avg., meanwhile, narrowly avoided a three-day losing streak by finishing flat at $2.550.

Weather models have shifted both colder and warmer at various points over the past few days, injecting variability into the mid-range outlook for heating demand. Broadly, however, earlier expectations for a severe winter freeze have eased.

Forecasters continue to predict a solid surge of...