Natural gas prices faltered on Tuesday even as domestic forecasts showed robust near-term heating demand and as producers curtailed output amid freezing conditions. The February Nymex gas futures contract shed 9.8 cents day/day and settled at $3.717/MMBtu. March fell 9.6 cents to $3.582.

Northeast Prices

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

NGI’s Spot Gas National Avg. fell 30.0 cents to $4.295 as prices in the volatile Northeast dropped following a blast of snow that walloped the region a day earlier. Prices jumped Monday but pulled back after the winter storm eased.

Still, forecasters look for renewed demand in the days ahead.

“After large warmer changes Sunday afternoon into Sunday night, weather models have progressively...