Natural gas futures squeezed out another gain Tuesday, building a three-day rally formed on bargain buying and continued amid production interruptions. But concerns about weak demand through May and potentially into next month emerged anew, keeping bulls’ parade relatively modest.

West Texas Prices

At A Glance:

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

The June Nymex gas futures contract settled at $2.267/MMBtu on Tuesday, up 2.9 cents day/day. July rose 1.5 cents to $2.427. The prompt month had advanced 10.1 cents in the previous session after notching a smaller gain last Friday.

NGI’s Spot Gas National Avg. slid 4.0 cents to $1.775 as weather-driven demand waned.

National Weather Service (NWS) mid-range forecasts showed several rounds of rain...