Natural gas futures flew higher on Monday, building on the prior week’s gains, as soaring temperatures baked much of the Lower 48 and forecasts called for heat waves to fester through July and into next month. The August Nymex contract jumped 46.3 cents day/day and settled at $7.479. September gained 45.6 cents to $7.382.

gas market graph

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

The prompt month advanced 16% last week, including a 41.6-cent gain on Friday.

NGI’s Spot Gas National Avg. mounted further momentum of its own, rising $1.145 to $7.745. Hubs throughout the country posted strong gains.

Cash prices cruised higher last week, too. NGI’s Weekly Spot Gas National Avg. for the July 11-15 period spiked 88.5 cents to...