Natural gas futures rose for a second day Wednesday, supported by still-mild weather forecasts shedding some of their spring-like warmth and a burst of technical momentum across the forward curve.

At A Glance:

  • Plus-300 Bcf storage draw expected
  • Forecast remains warmest in 45 years
  • Production rises to 103 Bcf/d

Building on a 3.1-cent gain Tuesday, the February Nymex gas futures contract jumped 19.1 cents to settle at $2.641/MMBtu. It was the contract’s biggest gain since Jan. 12, when markets rocketed higher on the eve of the winter’s coldest Arctic blast. Gains were less pronounced in the soon-to-be front month March contract, up 9.5 cents to $2.262.

NGI’s Spot Gas National Avg. rose 13.0 cents to an average $2.375, ending a three-day slide.

The prompt month’s...