Natural gas futures failed to sustain momentum, sliding midweek as traders brushed off what are likely to be temporary declines in production related to freeze-offs and instead focused on a quick warm-up expected this weekend. The March Nymex contract settled Wednesday at $2.468/MMBtu, down 21.6 cents from Tuesday’s close.

EIA storage02022023

At A Glance:

Spot gas prices were mostly lower, except on the West Coast. Big multi-dollar price gains there helped lift NGI’s Spot Gas National Avg. by 42.0 cents to $5.730.

Most of the Lower 48 remains mired in a days-long stretch of freezing temperatures, which have taken a sizable chunk out of supply this week as demand...