In another display of headlines driving price action, natural gas futures soared on word of a leak impacting the Shell plc-operated Mars crude oil pipeline in the Gulf of Mexico (GOM). Of course, gas prices were already sharply higher after the latest government inventory data reflected a continuation of the tight supply/demand balances that have characterized most of the spring and summer. The September Nymex gas futures contract ultimately settled at $8.874/MMBtu, up 67.2 cents on the day. October futures soared 67.0 cents to $8.863.

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Spot gas prices also posted plump price increases amid lingering heat in some parts of the country. NGI’s Spot Gas National Avg. jumped 44.5 cents to $8.330.

With production holding well below recent highs because of maintenance, and LNG feed...