Natural gas futures aimed for the sky on Monday as a much colder turn in the weekend weather models catapulted prices. Aided by a sharp increase in liquefied natural gas (LNG) demand, as well as upcoming contract expirations, the November Nymex gas futures contract jumped 61.8 cents to $5.898. December shot up 59.5 cents to $6.056.

storage snapshot102521

At A Glance:

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

Spot gas prices also started off the week on solid footing as multiple weather systems tracked across the United States. NGI’s Spot Gas National Avg. climbed 62.5 cents to $5.565.

With the weather models late last week starting to show signs of cooler air infiltrating the Lower 48, bulls were quick to jump on the data. The November futures contract was...