Natural gas futures crept higher Tuesday, as traders assessed colder near-term weather patterns, export strength and expectations for increased storage draws against the potential for warmer weather next month. The February Nymex gas futures contract settled at $4.283/MMBtu, up 2.1 cents day/day. March, however, dipped 3.3 cents to $4.048.

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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. dropped $1.280 to $5.510 as prices pulled back sharply in the volatile Northeast amid a spate of moderate weather to start the week.

NatGasWeather said forecasts showed mild conditions would push across the country through Wednesday. However, heating demand “is still on track to spike late this week as an Arctic...