While energy markets were still reeling from the unprecedented conditions driving physical natural gas prices into the hundreds of dollars per MMBtu at hubs all over the country, futures price action appeared markedly more calm early Wednesday. 

NGI Morning Natural Gas Price & Markets Coverage

After locking in a 21.7-cent gain in the previous settle, the March Nymex contract was trading 3.0 cents higher at $3.159/MMBtu at around 8:40 a.m. ET.

It was a historic day in the natural gas spot market Tuesday, with NGI’s Daily Gas Price Index recording previously unheard of day-ahead prices as high as $999.00 amid extreme cold plunging deep into the Lower 48.

“Pipelines are still reeling from the cold,” analysts at Wood Mackenzie said in a note to clients early Wednesday. They noted numerous operational flow orders and...