Natural gas futures forged higher on Monday, marking a sharp reversal from the prior trading session, as domestic production tapered and European demand for U.S. exports held steady. Coming off a 35.8-cent sell-off on Friday, the December Nymex contract gained 22.6 cents day/day and settled at $5.017/MMBtu on Monday. January rose 22.4 cents to $5.104.

NGI Storage Model

At A Glance:

  • Prompt month tacks on 22.6 cents
  • Demand outlook remains doubtful
  • U.S. exports of LNG expected to hold strong

NGI’s Spot Gas National Avg. declined 2.5 cents to $4.665 as chilly temperatures permeating the East Coast were offset by mild conditions elsewhere.

Looking ahead, mid-range weather outlooks have shifted between increased warmth and cold in recent days, leaving forecasters dubious about demand levels in...