Natural gas futures forged ahead on Monday, bolstered by forecasts for peak summer heat and robust cooling demand. The August Nymex gas futures contract settled at $2.669/MMBtu, up 8.7 cents day/day. September rose 7.1 cents to $2.641.

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At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

NGI’s Spot Gas National Avg. gained 19.5 cents to $2.345.

Futures slumped throughout last week as production climbed back to record levels around 102 Bcf/d, according to Wood Mackenzie data. This followed the culmination of several maintenance events in June that had kept output estimates below 100 Bcf/d.

But markets on Monday shifted focus to expectations for sultry weather conditions beginning this week and intensifying in the second half of...