Natural gas futures traders hit the pedal Tuesday, accelerating price gains after the latest production data showed another sharp decline in output. Contract expirations also played into intraday volatility along the Nymex curve, ultimately pushing the May contract up 18.1 cents to $6.850/MMBtu. June futures climbed 17.3 cents to $6.978.

Northwest Sumas

At A Glance:

  • EIA prints 154 Bcf withdrawal 
  • Warmth to follow weekend cold
  • Production nears 98 Bcf/d

Spot gas prices also strengthened nearly across the board. NGI’s Spot Gas National Avg. picked up 33.0 cents to $6.795.

Coming off Monday’s hefty rebound, futures wasted no time surging even higher early Tuesday. The May contract opened the session at $6.836 and crossed the $7.000 mark before midday as production losses steepened in the...