In an abbreviated week of spot trading influenced by colder weather and yet another hurricane in the Gulf of Mexico (GOM), weekly cash prices surged.

NGI’s Weekly Spot Gas National Avg. for the Oct. 26-29 period jumped 59.5 cents to $3.000. This week’s average only includes trades conducted through Thursday, the cutoff for gas delivery through the end of October.  

Chilly air settled in across the country’s midsection, freezing the Upper Midwest and delivering below-average temperatures as far south as Texas. The cold blast boosted heating demand across large swaths of the Lower 48 and propped up spot gas prices.

On the supply front, offshore production was shut-in as Category 2 Hurricane Zeta arrived in the GOM Wednesday. Zeta made landfall in southeastern Louisiana...