Natural gas futures rallied again on frigid temperatures and mounting heating demand, continuing an uninterrupted stretch of gains that dates to the opening session of 2024.

At A Glance:

  • Prompt month tops $3.300
  • Snow, freezing air pervasive
  • Production declines 2 Bcf/d

Coming off steady advances last week and an 8.7-cent gain to begin this week, the February Nymex gas futures contract settled at $3.190/MMBtu on Tuesday, jumping 21.0 cents day/day. The front month exceeded $3.300 at its height in intraday trading Tuesday.

NGI’s Spot Gas National Avg. soared 60.5 cents to $3.595, meanwhile, with significant gains across all regions.

The bullish momentum Tuesday was fueled by the arrival of harsh winter storms in the Mountain West and central United States along with...