• Warm forecast still intact, natural gas futures rebound
  • Downside risk still looms if cash prices fall
  • Nor’easter boosts East Coast spot gas

After Thursday’s bloodbath, natural gas futures rebounded a bit on Friday even as weather models continued to add warmth to the December outlook. The January Nymex gas futures contract finished the week at $2.575/MMBtu, up 6.8 cents day/day. February picked up 7.1 cents to reach $2.586.

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Spot gas prices were mixed, with the most notable changes occurring in the Northeast ahead of a quick-moving cold blast. NGI’s Spot Gas National Avg. picked up 5.5 cents to $2.530.

Natural gas traders waking up Friday morning may have had their heads still spinning from Thursday’s dizzying tumble in the futures markets. The prompt month was...