Natural gas futures floundered a second consecutive day as weather patterns tilted warmer, overshadowing record export volumes, threats to production and the steepest storage withdrawal of the season. A day after dropping 25.2 cents, the February Nymex gas futures contract on Thursday shed 22.9 cents day/day and settled at $3.802/MMBtu. March fell 19.6 cents to $3.649.

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. declined 8.0 cents to $6.600.

Bespoke Weather Services said Thursday weather models showed substantial warmer trends day/day. The firm lowered its gas-weighted degree day projections through Feb. 3 by 12.5 as a result.

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