After sinking near the 200-day moving average at the end of last week, natural gas futures bounced back with a vengeance Monday thanks to stronger liquefied natural gas (LNG) feed gas demand and strong cash prices. The November Nymex gas futures contract hit a $2.727/MMBtu intraday high before settling at $2.615, up 17.7 cents from Friday’s close. December jumped 17.0 cents to $3.161.

PM market

Spot gas prices recovered from pre-weekend lows with stout gains out across the country. The largest gains were out West, which helped boost NGI’s Spot Gas National Avg. up 49.0 cents to $1.590.

ICAP Technical Analysis’ Brian Larose said he needed the bulls to lift gas above Thursday’s $2.592 high in order to have a case for bottoming action. “Should the bulls get the job done, we will...