Natural gas futures fell to their lowest level in two years on Friday, pressured by warmer trends in the late February/early March cold snap expected across the Lower 48. The Nymex March gas futures contract settled at $2.275/MMBtu, off 11.4 cents from Thursday’s close. April futures fell 13.3 cents to $2.352.

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Spot gas, which traded Friday for delivery through Tuesday, tumbled amid moderate demand. NGI’s Spot Gas National Avg. plunged 42.5 cents to $2.565.

With winter quickly drawing to a close, the lack of sustained cold this season – not to mention rising supply – has taken a toll on the market. The latest indication of the general loosening experienced this winter was...