Nymex natural gas futures soared early in the regular trading session on Wednesday but gave back larger gains as revisions to weather forecasts sapped several days of heating demand.

At A Glance:

  • February futures up 1.8 cents 
  • Cold weather eyed for support
  • Chill drives cash higher

January futures ended its run as the front-month contract Wednesday 6.9 cents higher at $2.619/MMBtu. The February futures contract settled the session up 1.8 cents at $2.437, well off the $2.570 intraday high. The contract will take over the lead position on Thursday.

Price Futures Group senior analyst Phil Flynn quipped, “Natural gas looks like it’s trying to come back but will need Old Man Winter’s help.” 

With colder weather on tap across much of the country Thursday, NGI’s Spot...