Weekly natural gas cash prices fell for a second week as milder winter weather deflated demand across much of the Lower 48.

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NGI’s Weekly Spot Gas National Avg. for the Jan. 22-26 period tumbled $2.165 to $2.380/MMBtu with declines in all regions.

The Northeast led the way down. Iroquois Zone 2 collapsed $13.480 to average $2.820 in the week, while Transco Zone 6 non-NY fell $8.600 to $1.950. In the Midwest, Chicago Citygate shed 92.0 cents to $2.150. KRGT Rec Pool in the Rockies fell 59.0 cents to $3.025.

In contrast to physical markets, the February Nymex futures contract rose in the week on the back of a rally in the second half of the period. It settled at $2.712, up 14.1 cents on the day and up about 8% from the previous week’s close.

The February contract, set to...