Following a 47.3-cent rally a day earlier, natural gas futures advanced a little further on Tuesday as weather forecasts, while mixed, favored solid demand ahead and Russia injected a fresh dose of uncertainty into the global supply picture. The December Nymex gas futures contract settled at $6.779/MMBtu, up three-tenths of a cent day/day. January rose a more convincing 18.3 cents to $7.406.

Storage Report

At A Glance:

  • Russia could cut more gas to Europe
  • December weather forecasts mixed
  • Large storage build seen

NGI’s Spot Gas National Avg. shed 25.0 cents to $6.680 despite seasonally cold weather in the West and more expected in coming days.

NatGasWeather said updated forecasts on Tuesday trended “a little warmer” for early December, particularly in the East.

Still, there “will...