• September Nymex natural gas futures post stunning 30-cent rally
  • Weather forecasts flip back hotter, while LNG demand climbs
  • Cash strengthens despite cooler weather this week

In a shocking move that appears to be based on more than pure fundamentals, natural gas futures surged as much as 35.5 cents on Monday, busting out of their previous trading range and closing nearly 17% higher than Friday. The September contract reached a $2.154/MMBtu intraday high before going on to settle at $2.101, up 30.2 cents day/day. October jumped 28.2 cents to $2.239.

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Spot gas prices also moved considerably higher despite the cooler weather in store for this week, with NGI’s Spot Gas National Avg. climbing 20.0 cents to $1.790.

Nymex futures raced out of the gates early Monday, supported by...