Weekly natural gas cash prices extended a January rally ahead of the holiday weekend, buoyed by bouts of freezing weather, robust heating demand and winter-induced production curtailments.

Gas in Storage

NGI’s Weekly Spot Gas National Avg. for the Jan. 10-14 period advanced 78.5 cents to $5.950. A week earlier, the average soared $1.180.

Hubs throughout the Midwest and East endured freezing overnight lows to start the week, fueling heating demand and an early surge in prices. Expectations for snowstorms and another round of bitter cold over the weekend propelled prices later in the week.

“It’s not rocket science: the colder it gets, the more people need to burn gas, and then prices go up,” Thomas Saal, StoneX Financial Inc.’s senior vice president of energy, told NGI.

Northeast...