With natural gas traders’ fingers and toes still thawing out from the weekend’s Arctic blast, most remained on the sidelines of the action on Tuesday. However, with the potential for cold to return before mid-January and U.S. production sharply lower following widespread freeze-offs, the January Nymex gas futures contract eked out a 20.3-cent gain to settle at $5.282/MMBtu. The February contract climbed 13.8 cents to $5.118.

At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

Spot natural gas prices retreated from pre-winter storm highs across several regions of the Lower 48. NGI’s Spot Gas National Avg. fell $6.570 to $8.745.

The impacts of Winter Storm Elliott notwithstanding, trading action was largely subdued after the long...