Natural gas forwards retreated during the Jan. 11-17 trading period as impacts to both supply and demand from recent Arctic weather began to subside and as a much milder late January pattern came into sharper focus.

After surging in the week-earlier period, fixed prices from coast-to-coast fell back down, NGI’s Forward Look data show.

Despite production freeze-offs and robust heating demand amid the most impressive spell of winter weather for the Lower 48 season-to-date, forecasts teased a downright balmy late January period that ultimately deflated prices.

Absent a frigid enough encore to the recent bout of winter, Henry Hub February prices sank 16.4 cents week/week, falling back below the $3/MMBtu mark to $2.891.

Late January Warmth

Forecast maps from Maxar’s...