What a week – and what a year – it has been for the natural gas market. During the final three days of trading for 2022 gas delivery, spot prices fizzled in grand fashion following spikes induced by Winter Storm Elliott. Losses were widespread and sent some U.S. locations back below $3.00/MMBtu, with NGI’s Weekly Spot Gas National Avg. down a stout $7.185 to $6.510.

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Futures similarly declined. The January Nymex contract rolled off the board at $4.705 just days after Elliott took around 15 Bcf of U.S. production offline and prompted rolling blackouts across the parts of the Southeast.

The February Nymex contract made its own noise, plunging to $4.475 by Friday as forecasts for continued warmth in the days since Elliott exited the Lower 48 trumped overwhelmingly bullish...