Natural gas futures flew higher Monday on the back of surging global gas prices, with technical momentum working in favor of bulls looking to take out $10/MMBtu. After coming within pennies, however, that goal proved out of reach and the September Nymex gas futures contract ultimately settled at $9.680, up 34.4 cents from Friday’s close. October futures jumped 33.2 cents to $9.647.

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At A Glance:

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

Spot gas prices rebounded sharply at the top of the week as well. NGI’s Spot Gas National Avg. climbed 68.0 cents to $9.065.

Nymex futures raced out of the gate for Monday’s session, and the September contract shot up to an intraday high of $9.980 early. The rally was fueled in large part by a