Natural gas futures ended a two-day run higher on Wednesday as positive vibes from this week’s latest production cuts waned ahead of an expected weak winter storage draw.

At A Glance:

  • 37 Bcf withdrawal expected
  • Output holds above 100 Bcf/d
  • Late-month cooldown possible

The April Nymex gas futures contract settled at $1.929/MMBtu, down 2.8 cents day/day. The contract traded as high as $1.983.

NGI’s Spot Gas National Avg. advanced 12.0 cents to $1.570, its first time above the $1.500 level in a week. Gains were led by West Texas cash prices, which rebounded back to positive levels ahead of a major pipeline regaining full capacity. The Permian Highway Pipeline LLC (PHP) was scheduled to complete work on the Praha Compressor Station and resume full service Thursday, according...