• Volatile futures ends with March contract nearly unchanged
  • Weather models ease demand, but outlook still very supportive
  • New England cash prices soar to near $15.000

Natural gas futures settled nearly flat on Tuesday, but not before the March Nymex contract surged over the $3.00/MMBtu threshold. The prompt month reached an intraday high of $3.005 as the frigid air blanketing much of the eastern United States this week was seen continuing through at least the first half of the month.

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However, with the latest run of the European weather model erasing a decent chunk of projected demand, the March contract retreated back to a $2.845 settlement. April closed the day at $2.818.

Spot gas continued to strengthen, with prices nearing $15.000 in New England. NGI’s Spot Gas National...