A major turnaround in weather-driven demand expectations flipped the script in the natural gas forwards market during the Feb. 9-16 trading period, sending prices sharply higher as traders braced for another round of frigid temperatures on track to arrive later this month.

March fixed prices at benchmark Henry Hub surged 70.8 cents week/week to average $4.727/MMBtu as of Wednesday, NGI’s Forward Look data showed. That set the tone for prompt month fixed price gains of around 60-90 cents at numerous Lower 48 hubs.

Nymex Henry Hub futures similarly mounted a swift rally, picking up more than 75 cents over the previous three sessions as of Wednesday’s settle. Thursday saw the front month pare those gains, however, with March giving back 23.1 cents to settle at $4.486.

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