Natural gas futures started the week on strong footing, supported in part by a hot late-August forecast and the potential for a material decline in the storage surplus. The September Nymex gas futures contract settled Monday at $2.725/MMBtu, up 14.8 cents from Friday.

At A Glance:

  • Late August forecast trends hotter
  • Temperature, power records may fall
  • GTN declares force majeure

Spot gas prices also were on the rise, led by sharp swings in the Rockies. NGI’s Spot Gas National Avg. climbed 14.0 cents to $2.710.

Hellish temperatures are continuing unabated across Texas, and electricity demand records in the state are expected to fall again. The Electric Reliability Council of Texas (ERCOT) said peak power loads could reach close to 83,927 MW on Monday, surpassing the prior...