A major shift colder in long-range weather outlooks sparked a massive rebound in natural gas futures on Monday. With the double shot of polar air setting up sustained strong demand and potential production curtailments because of freeze-offs, the March Nymex gas futures contract jumped 28.6 cents to $2.850.

Goldman Sachs storage and price comparison

The so-called widowmaker spread, which mostly has traded in contango since December, moved into backwardation on Tuesday, indicating the market is not completely pricing out fears of a storage crunch this winter. The April contract settled at $2.821, up 22.9 cents from Friday’s close.

Cash prices also were strong, particularly in the Northeast given the initial storm walloping the region and fueling demand. NGI’s Spot Gas National Avg. shot up 44.5 cents to...