Natural gas futures pushed ahead Thursday, rallying for a second straight day as traders looked past an exceptionally bearish storage print – a midwinter injection — and focused on the potential for colder weather later this month.

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Bargain buying also aided the February Nymex gas futures contract, helping it to climb 2.4 cents day/day and settle at $3.695/MMBtu. At one point intraday, the prompt was up more than 20 cents. March rose nine-tenths of a cent to $3.355.

While up over the past two days, futures are still down about 50% from December’s highs.

[Actionable Insight: Did you know that NGI is one of only two Price Reporting Agencies that include trade data from the...