Coming off a steep decline over the past two trading sessions, natural gas futures attempted to regain some footing on Tuesday. A sharp drop in production aided the rebound, lifting the November Nymex gas futures contract by 9.9 cents to $5.088/MMBtu. December settled at $5.350, up 11.4 cents on the day.

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Spot gas prices, however, remained firmly in the red amid a near-perfect temperature backdrop that is expected to last into November. NGI’s Spot Gas National Avg. fell another 29.5 cents to $4.660.

After shedding roughly 70 cents in the prior two sessions, and with weather models continuing to show a mild near-term outlook, futures were poised for a third straight drop early Tuesday. The November contract opened the session slightly below Monday’s close at $4.985 and went on...