Natural gas futures on Wednesday rebounded as traders mulled ongoing production outages in the Gulf of Mexico (GOM), robust domestic demand and intensifying competition for U.S. exports of liquefied natural gas (LNG).

At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

The October Nymex contract jumped 34.6 cents day/day and settled at $4.914/MMBtu. A day earlier, the prompt month shed 14.4 cents. November gained 34.7 cents on Wednesday to $4.962.

Spot gas prices rallied for a second day, led higher by surges in the West. NGI’s Spot Gas National Avg. soared 61.0 cents to $5.405 a day after advancing 37.5 cents.

Bespoke Weather Services said forecasts Wednesday showed increased cooling degree days in the eastern half of the nation,...