US natural gas futures did not cruise above $7/MMBtu as expected on Friday, but instead fell by 37￠ to $6.60/MMBtu. It was the second counterintuitive trading day this week, on par with the 50.5￠ fall on Wednesday that was followed by a 54￠ rebound to $6.97/MMBtu on Thursday — the highest close since Nov. 29. The recent volatility comes amid unambiguously bullish market drivers — most notably the arctic blast that has enveloped the US from coast to coast and sent cash prices skyrocketing into the double-digits in the Northeast, Rockies, and West Coast as winter storms batter much of the country's northern tier and compound regional pipeline constraints.
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