Natural gas futures rallied on Friday for the fourth time in the latest week’s five sessions, bolstered by subzero temperatures, production curtailments and a vigorous cash market. The February Nymex gas futures contract jumped 21.6 cents day/day and settled at $3.313/MMBtu.  

At A Glance:

  • Fierce winter freeze spreads
  • Production substantially lower
  • Significant storage pulls loom

The March through May contracts all advanced as well.

Physical markets spiked as utilities stocked up to meet peak winter demand over a long weekend that extends through Monday because of the Martin Luther King Jr. holiday. NGI’s Spot Gas National Avg. swelled $13.450 to $16.770.

Wood Mackenzie estimated production at 103.3 Bcf/d on Friday, down nearly 3 Bcf/d from the start of the week in...