US natural gas futures rose above $5.15 per MMBtu on Friday, recovering from an earlier drop of more than 3%, as the market continued to brace for a historic winter storm. Prices are on track for their largest weekly gain on record, up more than 65% since the start of the week, driven by forecasts for widespread below-normal temperatures across most of the country. The severe freeze, especially in southern gas-producing regions, has raised concerns about ice forming in pipelines, which could disrupt production and exports. Storage data showed inventories fell 120 billion cubic feet to 3.065 trillion cubic feet last week, a larger draw than expected but still leaving stockpiles about 6.1% above the five-year average. Analysts expect the next report to show an even larger withdrawal as frigid conditions boost heating demand and increase pressure on available supply.

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