Small price gains were seen along U.S. natural gas forward curves for the Jan. 7-13 period, but they did not tell the whole story. Volatility was in full swing as weather models continued to tease the market with signals that truly frigid winter weather may loom. February prices averaged 5.0 cents higher for the period, while the balance of winter averaged 4.0 cents higher, according to NGI’s Forward Look.

natural gas storage trajectory

Even smaller changes were seen further out the forward curve, mimicking the modest movements along the Nymex futures strip.

While the end result left prices not too far removed from where they started, the intraday trading patterns were anything but subdued. For example, on Wednesday, the February Nymex futures contract climbed to a $2.826/MMBtu intraday high, which was up...