Natural gas prices see-sawed Tuesday as traders weighed modest near-term domestic heating needs against an anticipated freeze early next month and surging demand for U.S. liquefied natural gas (LNG). Ultimately, the latter factors carried the day, and the January Nymex gas futures contract advanced 3.5 cents and settled at $3.869. February gained 1.6 cents to $3.774.

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At A Glance:

  • EIA prints 154 Bcf withdrawal 
  • Warmth to follow weekend cold
  • Production nears 98 Bcf/d

NGI’s Spot Gas National Avg. rose 13.5 cents to $4.750 on Tuesday, bolstered by advances in the Northeast.

The prompt month had rallied on Monday as well, gaining 14.4 cents on record levels of demand for U.S. exports early this week. NGI estimates showed that LNG feed gas volumes reached a new high of 13.1...