An anticipated barrage of Arctic air could usher in one more blast of winter weather this month, eating into underground inventories of natural gas and providing an injection of upward momentum into the market when price bulls need it the most.

This would follow a late-January and early-February run of mild temperatures across most of the Lower 48. The conditions dampened heating demand and, in concert with robust levels of production near records above 106 Bcf/d this week, suppressed natural gas futures and cash prices. Both Henry Hub futures and NGI’s Spot Gas National Avg. fell below the $2.00/MMBtu level this week, reaching lows for the season.

There is hope, though, from a bull’s perspective, for one more weather event that could reverse the demand trajectory and soak...