Natural gas futures raced ahead Monday, snapping the two-day slump that closed out the prior week, as U.S. exports gathered more momentum and modest production offset cooler near-term weather forecasts. The June Nymex gas futures contract settled at $8.744/MMBtu, up 66.1 cents day/day. July gained 64.9 cents to $8.827.

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At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

NGI’s Spot Gas National Avg. rose 9.0 cents to $7.895, led higher by gains in the South and West.

Throughout the spring, futures proved volatile, with wild swings even in intraday trading increasingly common. But each time the prompt month took notable steps lower, buyers have dived back in to buy the dips amid festering supply/demand imbalance worries. Monday’s...