Natural gas futures forged higher for a sixth consecutive session on Wednesday as traders focused on weakening production and forecasts for chilly March conditions. The April Nymex gas futures contract settled at $2.811/MMBtu, up 6.4 cents day/day. May rose 8.0 cents to $2.943.

At A Glance:

  • Analysts see storage pull in 70s Bcf
  • Mid-March forecasts show cold air
  • Signs of easing production emerge

NGI’s Spot Gas National Avg. advanced 53.5 cents to $3.765, powered by gains in the West.

Production on Wednesday fell below 98 Bcf/d, down from recent highs around 100 Bcf/d, according to Bloomberg estimates. Several U.S. exploration and production companies said during recent earnings calls they likely would scale back output this year following a mild second half of winter and low...