Natural gas traders turned a blind eye to some of the coldest weather of the winter set to arrive in days, sending natural gas forward prices plummeting across the country during the trading period from Jan. 13-19, NGI’s Forward Look showed.

While fixed prices for the February contract came off as much as $2.610/MMBtu at a couple of New England locations, a steep sell-off in basis prices also proved noteworthy. The region is notorious for its volatility during the winter – and sometimes in summer too – and this week was no different.

Facing another blast of Arctic air, this time longer lasting, gas demand is expected to remain strong as temperatures were to plunge beginning Thursday night. AccuWeather said the polar push would help fuel a snow and ice storm for parts of...