Spot gas prices surged to all-time highs across much of the United States during the Feb. 7-12 week as blistering cold gripped the country, driving up heating demand, curbing production and wreaking havoc on infrastructure. Fueled by spikes to as much as $600 in the Midcontinent at the end of the week, the NGI Weekly Spot Gas National Avg. soared to $16.825, up $13.255 on the week.

storage 0205

Momentum in the cash markets had been slowing building as forecasters warned that a train of winter weather systems would take aim at the Lower 48. The north and central portions of the country were on the receiving end of the initial blast, which sent temperatures plunging and dumped several inches of snow throughout the region, with more on the way.

OGT gas traded Friday as high as $600 for delivery...