Natural gas futures rocketed higher again Wednesday as weather models shocked the market with another move to the colder side. With the potential for temperatures to come in well below normal in early March, the prompt-month Nymex gas futures contract soared 41.1 cents to $4.717/MMBtu. April jumped 33.1 cents to $4.572.

At A Glance:

  • Early March seen much colder
  • Storage deficits to expand
  • Cash strengthens ahead of storms

Spot gas prices extended their gains another day outside of the Northeast, where prices continued to retreat from recent highs. NGI’s Spot Gas National Avg. climbed 14.0 cents to $4.215.

Weather continues to be front and center for the gas market despite being the time of year that traders typically close the book on winter. Only last week, that appeared to...