After a solid recovery throughout Monday’s session, natural gas futures extended their streak Tuesday as maintenance activities took another toll on production. The September Nymex gas futures contract soared 60.1 cents day/day to settle at $9.329/MMBtu. October futures climbed 59.9 cents to $9.311.

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At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Spot gas prices also surged as power burns remain elevated despite cooler weather. NGI’s Spot Gas National Avg. shot up 58.5 cents to $8.935.

With weather set to moderate from the record heat seen across much of the country in June and July, bulls wasted no time in pouncing on the latest production data that showed a roughly 1.8 Bcf day/day decline. Some technical momentum carried...