Natural gas futures rocketed to a six-week high midweek amid ongoing heat in Texas, technical support and continued soft production in the wake of pipeline maintenance events. The September Nymex gas futures contract settled Wednesday at $2.959/MMBtu, up 18.2 cents on the day. October climbed 18.9 cents to $3.053.

At A Glance:

  • Technical momentum seen for prices
  • Storage surplus set to shrink
  • Spot gas mostly higher

Spot gas prices also climbed as heat continued unabated across Texas and the greater South Central region. NGI’s Spot Gas National Avg. tacked on 16.5 cents to $2.830. 

With cooler trends in the latest weather models, NatGasWeather pointed out that there’s been a change in trader sentiment going back to late last week. Of course, it helps that the upcoming...