Natural gas futures on Tuesday rebounded from losses a day earlier as exceptional near-term heat powered demand and overshadowed lingering concerns about elevated production and supplies.

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At A Glance:

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

Coming off a 2.8-cent decline, the August Nymex gas futures contract on Tuesday gained 4.5 cents day/day and settled at $2.730/MMBtu. The September contract rose 5.9 cents to $2.747.

NGI’s Spot Gas National Avg. advanced 12.5 cents to $2.935.

Production on Tuesday declined about 2 Bcf/d from the start of the week to 99 Bcf/d amid planned maintenance events in eastern regions. “Readings slumped” and pipeline repair work slated for later this week in the Northeast could keep levels below recent...