Natural gas futures were higher at the top of the week as searing heat blanketed much of the Lower 48, challenging record power loads and stressing grids. The September Nymex gas futures contract settled Monday at $2.632/MMBtu, up 8.1 cents from Friday’s settlement. October futures climbed 5.2 cents to $2.743.

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At A Glance:

  • Tropical systems seen in Atlantic
  • Storage surplus expected to contract
  • Cash up on cooling loads

Spot gas prices rallied amid the unusually hot weather that spanned over most of the interior United States. NGI’s Spot Gas National Avg. did this.

For Monday anyway, the impressive heat lifted Nymex futures early. The September contract was up about 5.0 cents in the early hours of the trading session, with traders grappling with forecasts showing...