Natural gas futures flourished for the first time in five sessions on Tuesday, mounting momentum alongside lofty temperatures and hints of lighter production.
At A Glance:
- Production falls to 97 Bcf/d
- Forecasts for mixed demand
- NGI models draw of 41 Bcf
Coming off a four-day slump, the August Nymex gas futures contract settled at $2.629/MMBtu, up 11.7 cents day/day. September advanced 11.4 cents to $2.618.
NGI’s Spot Gas National Avg. shed 3.0 cents to $2.590, essentially pausing after notable gains Monday and last week.
Production, which had hovered around 101 Bcf/d to start the week, dropped just under 100 Bcf/d, according to Bloomberg estimates.
EBW Analytics Group’s Eli Rubin, senior analyst, said output “could slip further this week amid pipeline maintenance...