Fresh off a record-setting Nor’easter that dumped more snow along the upper East Coast than all the snowstorms in 2019 combined, natural gas forward prices finally snapped a three-week losing streak. January prices jumped 22.0 cents on average between Dec. 10 and 16, while the balance of winter (January-March) climbed 18.0 cents, according to NGI’s Forward Look.

December Snowfall NWS

Prices further out the forward curve also strengthened as the story for liquefied natural gas (LNG) demand in 2021 may be gearing up for a surprise plot twist. A sustained drop in production also factored into the gains. Summer 2021 (April-October) prices averaged 11.0 cents higher from Dec. 10-16, and the winter 2021-2022 strip picked up 12.0 cents on average.

The double-digit rally along forward curves closely...