Natural gas futures traded above $6.000/MMBtu to start the week as global supply concerns continued to infiltrate the U.S. gas market. With domestic gas demand at a seasonal low, however, early gains were pared and the November Nymex gas futures contract settled at $5.766, still up a significant 14.7 cents from Friday’s close.

NGI Storage Snapshot

Spot gas prices also bounced off pre-weekend lows, with NGI’s Spot Gas National Avg. shooting up 60.0 cents to $5.650.

At A Glance:

  • Extreme price volatility continues
  • Europe already drawing down stocks
  • Cash surges on solid power burns

Fundamentally, the U.S. gas market is at its seasonal low point, with lingering heat and cooling demand offsetting any signs of early cold across the country. Bespoke Weather Services said the 15-day weather outlook...