• Outlooks called for freezing temperatures around the Christmas holiday
  • Demand for liquefied natural gas exports held strong
  • Spot prices plummeted in the Northeast after a major storm passed

Natural gas futures advanced Friday following forecasts for freezing temperatures, steadily strong liquefied natural gas (LNG) levels and a bullish withdrawal from storage.

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The January Nymex contract settled at $2.700/MMBtu, up 6.4 cents day/day. February rose 4.4 cents to $2.681.

NGI’s Spot Gas National Avg., meanwhile, dropped 55.0 cents to $3.010. Traders took profits and demand eased after a sprawling snowstorm that punished the Northeast, which fueled robust demand earlier in the week, dissipated on Friday.

Forecasters expected winter conditions to further ease over the weekend,...