Natural gas futures were exploding higher early Tuesday, extending the previous session’s rally as traders continued factoring in searing heat and the upcoming front month contract expiration.

NGI Morning Natural Gas Price & Markets Coverage

The August Nymex contract, which rolls off the board on Wednesday, was soaring 68.6 cents higher to $9.413/MMBtu at around 8:45 a.m. ET. September was up 55.9 cents to $9.130.

The August contract posted a 42.8-cent rally in Monday’s session, which followed a 36.7-cent surge in last Friday’s trading.

Looking at fundamental explanations for the recent rally, hot temperatures in the forecast appear to be “the predominant bullish driver,” according to EBW Analytics Group senior analyst Eli Rubin.

The surge could also reflect “a market adjustment to last week’s...