Natural gas futures soared above $8.000/MMBtu in an explosive start to the work week. Fueled by stronger weather-led demand gains, recovering liquefied natural gas (LNG) feed gas deliveries and storage adequacy concerns, the May Nymex gas futures contract settled at $7.820, up 52.0 cents from Thursday’s close. June futures climbed 53.5 cents to $7.958.

markets

At A Glance:

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

Spot gas prices also continued to gain ground after the extended Easter holiday, led by increases in the Northeast. NGI’s Spot Gas National Avg. shot up 71.0 cents to $7.515.

On a tear for weeks, futures showed no signs of slowing on Monday. The May Nymex contract raced higher out of the gate and surged to an $8.065 intraday...