Natural gas futures flew higher on Monday, bolstered by forecasts for substantially colder weather and stronger heating demand. The December Nymex contract gained 54.4 cents day/day to settle at $6.944/MMBtu, adding to a 42.5 cent rally in Friday’s session. January climbed 49.0 cents to $7.244.

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At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

While volatile in recent trading, the prompt month hit a three-week high on Monday.

NGI’s Spot Gas National Avg. followed suit, spiking $1.570 to $4.180 to start the week.

Weather data trended much chillier over the weekend, including a “hefty” addition of 23 heating degree days from the European model, according to NatGasWeather.

The American model, too, added “a significant...