One day after posting the largest single-day gain in the last year and a half, natural gas futures moved another leg higher, surging past the long-term high established earlier this year. September Nymex gas settled Tuesday at $2.193, up 9.2 cents from Monday’s close. October rose 9.5 cents to $2.334.

PM Markets

Spot gas prices also continued to rally across most of the Lower 48, boosting NGI’s Spot Gas National Avg. by 13.0 cents to $1.920.

After Monday’s explosive move higher at the front of the Nymex futures strip, analysts questioned whether the rally had staying power.

On one hand, stronger gas pricing in Europe on Monday reflects a potential recovery in liquefied natural gas (LNG) demand. The prompt month landed price in the Netherlands increased by 25 cents versus Friday,...