• Natural gas futures found further momentum on Monday, rallying a second consecutive session amid bargain buying, hints of a potential pullback in U.S. production and wildfires that interrupted output in Canada and boosted cash markets.

At A Glance:

  • Raging fires cut Canadian output
  • U.S. rig count hints at slowdown
  • Cooling demand further softens

The June Nymex gas futures contract gained 10.1 cents day/day and settled at $2.238/MMBtu. July rose 9.1 cents to $2.412. The prompt month picked up 3.6 cents on Friday. That followed a four-day losing streak that ultimately left June futures down 11% last week.

markets

NGI’s Spot Gas National Avg., meanwhile, gained 19.5 cents to $1.815, bolstered by gains in the West impacted by the fires. The average had shed 9.5 cents on Friday.

Lower...