With the end of winter in clear view and March forecasts far from threatening, natural gas forward prices retreated throughout the Lower 48 during the Feb. 17-23 trading period, NGI’s Forward Look data show.

March fixed price forwards at benchmark Henry Hub shed 9.4 cents during the period to average $4.633/MMBtu. Front month fixed price discounts of around 10-20 cents week/week were the norm for most hubs.

Numerous hubs recorded basis discounts of a dime or more, including along the East Coast, where recent forecasting predicted generally moderating temperatures into early March. Transco Zone 6 NY front-month basis dropped 40.9 cents week/week to trade at a 35.6-cent discount to Henry Hub. 

Following recent indications of a strengthening domestic production outlook, a...