Natural gas futures climbed back into positive territory on Friday amid updated forecasts for freezing conditions to extend into next month and expectations for stout withdrawals from storage. The February Nymex gas futures contract settled at $3.999, up 19.7 cents day/day. March rose 13.3 cents to $3.782.

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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., in contrast, shed 61.0 cents to $5.990.

While the prompt month rebounded to close the week on Friday, it fell far short of recovering the 48 cents it lost over the two previous trading sessions, when bears dominated following shifting weather outlooks that called into doubt the likelihood of a cold February.

However, the American Global Forecast...