Natural gas futures soared to a nearly two-year high for the second time this week, but the price spike had little to do with supply or demand. Instead, analysts said options trading and massive speculative positioning ahead of the November Nymex contract’s upcoming expiration factored into Tuesday’s price behavior. The prompt month went on to settle only a half-cent lower at $3.019. December climbed 5.8 cents to $3.311.

Markets

Spot gas prices were a mix of losers and gainers, including in the Permian Basin, where next-day gas soared above $3.00 as freezing weather took a toll on power and gas infrastructure. NGI’s Spot Gas National Avg. fell 5.0 cents to $2.940.

With expiration looming on Wednesday, futures struggled to move decisively in either direction at the start of...