Natural gas futures, under heavy pressure most of 2023 amid mild weather and strong production, found a path forward for a second consecutive session on Wednesday as traders focused on export strength and expectations for a bullish inventory report. 

At A Glance:

  • Prompt month posts 4.9-cent gain
  • Analysts see low 20s Bcf withdrawal
  • Production slowed by maintenance

The May Nymex gas futures contract settled at $2.155/MMBtu, up 4.9 cents day/day. June gained 3.7 cents to $2.381.

NGI’s Spot Gas National Avg. moved ahead 7.0 cents to $2.620 on Wednesday, bolstered by gains in the nation’s midsection. Late rounds of wintry weather blew through the Rockies and the Midwest.

Production on Wednesday held below 100 Bcf/d – the standard for the past several weeks – amid...