Natural gas futures forged ahead Monday, rebounding from a 7% drop the previous week, as forecasts for colder air late this month and early next galvanized bulls. News Monday that a key export facility was another step closer to reopening after a fire last year added to the momentum.

At A Glance:

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

The February Nymex gas futures contract rose 27.3 cents day/day and closed at $3.447/MMBtu. March gained 18.6 cents to $3.222.

NGI’s Spot Gas National Avg. jumped 53.5 cents to $5.360.

Production remained strong – and near record levels – at around 101 Bcf/d. However, while the benign weather that weighed on markets last week was expected to persist a few more days, a turn colder is on the...