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“For prices to truly rally we would need to begin to see consistent heating demand additions across both American and European guidance the likes of which we have not seen in a couple weeks now,” Bespoke said.

A lack of significant heating demand in the medium- and long-range outlook has brought natural gas prices “back into this longer-term range” of around $2.80-3.20 “that we’ve talked about seemingly ad nauseum,” Powerhouse Vice President David Thompson told NGI Wednesday.

While the market did break below $2.80 support, that “seems to be an overshoot on a price correction” following the weather-driven surge in prices late last month. “Once this resolves, when the next cold weather event arrives, if it will show up, we will have a chance to significantly rally the market,” Thompson said.

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