Natural gas futures found their footing on Thursday amid robust winter demand and strength in cash markets. After stumbling the prior day, the January Nymex gas futures contract settled at $6.970/MMBtu, up 54.0 cents day/day. February advanced 36.9 cents to $6.589.

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

NGI’s Spot Gas National Avg. rallied $1.785 to $11.520, led higher by massive gains in California and supported by strength in the Midwest and West Texas.

Forecasts called for continued cold in the West and Midwest this week, with more freezing air from western Canada spilling into the Lower 48 this weekend and spreading south and east in the week ahead.

Frigid air also forced sporadic wellhead freeze-offs, dropping...