March Nymex natural gas futures sank 7.3 cents day/day and settled just above key $2.000 support as “extremely light” heating demand in the near term – and forecasts for the return of double-digit storage withdrawals – outweighed the potential boost in demand mid-month.

At A Glance:

  • Natural gas futures test support
  • Near-term weather pressures
  • Cash markets slide

The prompt month settled at $2.009/MMBtu after briefly dipping below the key $2.000 level to $1.997. The contract traded as high as $2.102 early in the session.

NGI’s Spot Gas National Avg. tumbled 19.5 cents to $2.095 as the end of stormy weather across portions of the country would segue to milder conditions and lower demand. 

“As far as natural gas goes, it still is going to come down to the...