In one of the most explosive sessions in recent weeks – and that’s saying a lot – natural gas futures rocketed higher Monday as production struggles to gain momentum and heat is starting to intensify ahead of what’s expected to be a hot summer.

At A Glance:

  • EIA prints 154 Bcf withdrawal 
  • Warmth to follow weekend cold
  • Production nears 98 Bcf/d

The July Nymex gas futures contract jumped 79.9 cents to $9.322/MMBtu. August futures climbed 79.6 cents to $9.306.

Spot gas prices also strengthened as temperatures across Texas are poised to touch record levels this week. NGI’s Spot Gas National Avg. shot up 67.0 cents to $8.565.

With forecasts calling for heat to become more widespread later this month, traders took notice of the potential for highs in Texas to surpass...