Natural gas futures forged ahead Wednesday, with the May Nymex contract opening its run as the prompt month by building substantial momentum even as domestic demand was poised to fade. May futures advanced 27.5 cents day/day and settled at $5.605/MMBtu. June gained 27.7 cents to $5.658.

At A Glance:

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

NGI’s Spot Gas National Avg. gained 1.5 cents to $4.985.

Natural gas markets have been volatile in recent weeks, driven more by international news than fundamentals. Prior to Wednesday, U.S. futures faltered the two prior days – after soaring throughout the previous week.

U.S. production held steady, above 95 Bcf on Wednesday, well above March lows around 93 Bcf, according to...