Natural gas prices appear to be heading lower for February bidweek despite an approaching snowstorm that is set to fuel heating demand across key demand regions, according to data collected for NGI’s Bidweek Alert. The West Coast led the way, with some locations seeing February bidweek prices at around half the level of January prices.

With polar air set to take aim at the East Coast, though, the region was poised for at least some modest price increases based on February basis trading. Upstream in Appalachia, Eastern Gas South February basis traded between minus 54.0 cents to minus 55.0 cents, which compares with the January basis average of minus 87.0 cents, Bidweek Alert Day 2 data showed. Texas Eastern M-3, Delivery basis traded between plus $2.650 and plus $3.250, up from a...