Natural gas futures rallied a second straight day, bolstered by cooler trends for the densely populated Northeast, spot market momentum and moderated production.

At A Glance:

  • Modest injection expected
  • Mixed weather forecasts
  • Production remains lower

Coming off a 10.9 cent-gain the prior session, the November Nymex gas futures contract rose another 1.3 cents on Wednesday and settled at $2.962/MMBtu. The front month had topped the $3 level early in the day. 

After jumping more than 30 cents over the previous two trading days, NGI’s Spot Gas National Avg. advanced another 20.5 cents on Wednesday to $2.560.

Production held just above 100 Bcf/d on Wednesday, according to Bloomberg’s estimate, on par with earlier in the week amid a spate of maintenance events in the Permian...