Intraday natural gas price volatility was on full display midweek as traders assessed the impacts of a substantial, though likely temporary, decline in export demand and the potential for a more moderate end-of-February following some of the coldest weather in years. After tumbling to a $2.741/MMBtu intraday low, the March Nymex gas futures contract bounced and eventually settled 7.6 cents higher at $2.911. April tacked on 5.6 cents to reach $2.879.

Storage Snapshot

Spot gas prices mounted some of the largest gains in years as the frigid air penetrating the north/central United States stalled, leaving large population centers to bear sub-zero temperatures. NGI’s Spot Gas National Avg. climbed $1.040 cents to $4.835.

Weather model fluctuations are nothing new, but when it’s the dead of winter...