Natural gas futures continued to bounce around like a pogo stick, with bulls buying the early dip in Wednesday’s trading session and near-term heat fueling the rally. The July Nymex gas futures contract settled at $6.858/MMBtu, up 5.0 cents on the day. August futures climbed 8.9 cents to $6.872.

At A Glance:

  • July Nymex contract falls again
  • U.S. output strong
  • U.S. EIA reports 110 Bcf injection

Spot gas prices were mostly higher given the record-high temperatures and strong power burns. NGI’s Spot Gas National Avg. tacked on 2.5 cents to reach $6.500.

With liquefied natural gas (LNG) demand already hampered by the outage at the Freeport terminal, a further decline in feed gas deliveries helped drag futures lower early Wednesday. Some analysts noted that gas deliveries to...