Natural gas futures pushed ahead on Monday amid expectations for a seasonally modest storage injection and lower production that offset mild spring weather.

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At A Glance:

  • Production holds below 100 Bcf/d
  • Forecasts for benign weather
  • NGI models 14 Bcf storage increase

Coming off a modest 1.1-cent gain on Friday, the May Nymex gas futures contract gained another 5.9 cents and settled at $1.844/MMBtu.

NGI’s Spot Gas National Avg. ticked up 2.5 cents to $1.275.

Production hovered close to 99 Bcf/d on Monday, down 1 Bcf/d from the start of the month, according to Wood Mackenzie’s estimate.

Output was off about 8 Bcf/d from the record levels reached earlier this year. That followed public announcements by prominent exploration and production companies (E&P) in February...