Natural gas futures extended their winning ways on Tuesday, advancing for a third session amid lower production readings, signs of renewed LNG strength and bargain buying after a late-winter slump that spilled into the early spring. The May Nymex gas futures contract settled at $1.872/MMBtu, up 2.8 cents day/day.

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At A Glance:

  • Production declines further
  • Maintenance work underway
  • Waha price pressure persists

NGI’s Spot Gas National Avg. tracked a similar path, rising 7.0 cents on Tuesday to $1.345, adding to a gain in the prior session.

Ahead of this week, Lower 48 natural gas production was already down substantially from record highs around 107 Bcf/d early this year. This was largely because of concerted efforts by major producers to curtail output and address an...