February gas futures continued to plummet Friday, closing in the upper $2.70s per million Btu and were down 5.4%, or 15.8￠ for the week. "A return to more average temperatures and the potential for a stronger thaw later in the month will allow production to recover and give the market some more slack going forward," Gelber & Associates analyst Daniel Myers said. "The prompt-month could easily crash back towards last month's lows and $2.50/MMBtu when we get past the next colossal withdrawal and the flip to above-average temperatures is clearer."
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