Natural gas futures soared midweek after one of the major weather models staged the largest reversal this winter, resulting in a huge jump in projected demand for the next two weeks. The February Nymex gas futures contract settled Wednesday at $4.277/MMBtu, up 22.4 cents from Tuesday’s close. March rocketed up 14.2 cents to $4.036.

At A Glance:

  • February outlook trends colder
  • Market seen dramatically tightening
  • Northeast cash crashes despite ongoing cold

Next-day gas prices also marched higher as a series of frigid blasts is forecast to sweep across the country. However, with a dramatic sell-off in the Northeast, NGI’s Spot Gas National Avg. plunged 28.0 cents to $6.255.

With weeks of sustained cold already amassed, natural gas traders have been closely monitoring the...