Natural gas futures were lower early Wednesday, dragged down by softening global gas prices and production near recent highs. Bulls bought the dip and eventually garnered enough momentum to stage a recovery. After touching a $9.284/MMBtu intraday high, the October Nymex gas futures contract ultimately settled 8.5 cents higher day/day at $9.127. November futures climbed 8.6 cents to $9.189.

At A Glance:

  • Above-average storage injection expected
  • Global gas prices crater as stocks fill
  • California cash soars on heat wave

Spot gas prices were mixed, with the vast majority of locations shifting only a few cents day/day. However, multi-dollar gains continued in California, driving up NGI’s Spot Gas National Avg. 1.5 cents to $8.880.

Given the back and forth swings along the front...