March Nymex natural gas futures settled the week’s closing session up 2.9 cents as the market looked beyond near-term warmth toward a colder end to February with buying possibly triggered by short covering and bargain hunting at current lows. 

At A Glance:

  • Futures gain on possible cold
  • Upside support limited by production
  • Cash down with weekend inclusion

The front-month contract spanned $2.021/MMBtu to $2.100 and settled at $2.079.

NGI’s Spot Gas National Avg. reversed the prior day’s advance, slipping 7.5 cents to $2.095, with most regional markets sinking on mild weather. The Northeast and Appalachia bucked the predominant downtrend.

Independent analyst Tim Evans told NGI the market is seeing some degree of bargain hunting ahead of the $2 level in March...