Natural gas futures climbed for a third day, with seasonal buying, growing confidence in a chillier late-April and softer production all in play. The May Nymex gas futures contract settled Tuesday at $2.366/MMBtu, up 9.1 cents on the day. June futures rose 7.3 cents to $2.517.

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At A Glance:

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

Spot gas prices shifted in both directions as production took a step down in several key basins. NGI’s Spot Gas National Avg. rose 1.0 cent to $2.185.

After falling below $2.00 as recently as Friday, Nymex futures have recovered some ground as the spring maintenance season has taken a chunk of supply out of the market. On Tuesday, Bloomberg data showed production falling by more than 2.5% day/day in...