North American natural gas futures were once again unsteady this week, but the Mexico market has had a relatively calm February after turbulent market action heading into the month.

“There were a lot of nerves at the start of February,” a gas buyer in Mexico told NGI’s Mexico GPI. “There seemed to be panic buying and speculation in the market. But it has been stable since then.”

January ended with a surge in prompt-month prices, and volatility has been the norm so far this year. But conditions this February in the gas market are far from where they were last year, when winter storm Uri slashed 20% off Texas gas supply and Mexican companies faced sky-high prices.

U.S. natural gas futures rose on Wednesday on the back of potentially colder-than-normal weather for...