Natural gas futures rebounded on Wednesday as traders refocused on expectations for strong weather-driven demand in August and continued steady export activity. The August Nymex contract gained 7.3 cents day/day and settled at $4.044/MMBtu. September rose 2.5 cents to $3.967.

EIA storage july 23

NGI’s Spot Gas National Avg. also bounced back from a loss the day earlier and advanced 3.5 cents to $3.930.

August rolled off the books as the prompt month at Wednesday’s close. It posted gains on eight of its final nine days, and at multiple points it eclipsed the $4.00 threshold and reached highs last seen in 2018.

In that span, Tuesday was the only day in which the August contract declined. Analysts attributed the blip to profit-taking, customary volatility ahead of expiration and forecast...