Natural gas futures slipped further into the red on Thursday despite the potential for cold weather to return to the Lower 48 within the next couple of weeks. With mixed messages in the latest storage data, and Freeport LNG not yet back online, the March Nymex gas futures contract settled at $2.456/MMBtu, down 1.2 cents on the day.

EIA storage02022023

At A Glance:

  • Futures relatively steady
  • Weather outlook uncertain
  • New England cash soars

The real price action of the day was in the cash markets. After a harsh winter in which the West Coast has dominated headlines and seen gas prices reach record levels, the king of volatility – New England – essentially told the Golden State to hold its Samuel Adams.

Bracing for a polar vortex that could result in “otherworldly” real-feel temperatures,...