Natural gas traders appeared to have a bit of sellers’ remorse on Thursday, quickly sending futures prices higher after an initial dip ahead of the latest government storage report. 

Storage Report

After slipping to a $2.734/MMBtu intraday low, the March Nymex futures contract settled Thursday at $2.935, up 14.6 cents on the day. April jumped 11.7 cents to $2.889.

Spot gas prices also moved higher across much of the United States, but the Northeast cratered from recent highs. NGI’s Spot Gas National Avg. plunged 29.5 cents to $3.250.

After Wednesday’s move into the red, market observers were quick to criticize the decline along the Nymex futures curve. Although weather models had pulled back some of the projected demand seen for the 15-day period, the pattern overall remained far...