The fallout of the prolonged Arctic freeze that’s draped over the central United States and into Texas is still unfolding, with a temporary ban on gas exports out of the Lone Star State the latest development in the ongoing crisis. 

Hours before the surprising announcement, steep decreases in production and large swings in demand fueled Nymex gas futures prices for a second day. Facing what potentially could be the largest storage withdrawal of the winter so far, the March Nymex natural gas futures contract settled Wednesday at $3.219, up 9.0 cents from Tuesday’s close. April picked up 4.9 cents to $3.032.

Action in the cash markets remained volatile midweek as Oklahoma added another digit to next-day prices, while prices in other parts of the country also started to tack on...