Weekly cash prices skidded lower amid solid production and light heating demand across much of the Lower 48.

Inventory data

NGI’s Weekly Spot Gas National Avg. for the Jan. 23-27 period fell 61.0 cents to $4.880.

As the trading week closed, Algonquin Citygate was down 45.5 cents to $3.755, while Kingsgate was off 33.5 cents to $2.960 and SoCal Citygate was down $4.370 to $14.420.

The February Nymex futures contract struggled through most of the week and settled Friday at $3.109/MMBtu, down 2% from the prior week’s finish. February rolled off the board as the prompt month at the end of the week.

Prices were under pressure from the one-two punch of high production and seasonally weak consumption. In addition to benign weather, output held close to 100 Bcf/d during the week, within...