• Weather models pointed to fresh bouts of cold air over the Midwest and East
  • LNG export levels held strong amid demand from Europe and Asia
  • Cash prices advanced, led by demand in the Midwest and Texas

Natural gas prices spiked Tuesday, extending the gain made a day earlier to jumpstart 2021 trading, as weather models pointed to fresh bouts of cold air over the Midwest and East in the second half of January.

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The February Nymex gas futures contract jumped 12.1 cents day/day and settled at $2.702/MMBtu. March advanced 11.2 cents to $2.673.

NGI’s Spot Gas National Avg. climbed again Tuesday, rising 8.5 cents to $2.710 after advancing more than 18 cents a day earlier.

Midday weather models were not as bullish as those overnight, NatGasWeather said Tuesday, but they still...