February Gas Soars 10% to $3.50s as Storage Dwindles, Cold Returns

摘要

The recent rally reignited Friday as the February gas futures contract pushed 1.7% higher to close in the low $3.50s per million Btu, topping off a 10% gain on the week. Forecasts for another strong incursion of arctic air to arrive during the first week of February is supporting the rally. Storage levels well below the five-year average and dry gas production that was hindered by well freeze-offs from the recent cold snap also lent support.