Natural gas futures flew higher for the third time in four sessions as oppressive heat across most of the Lower 48 kept air conditioners cranking, and festering supply challenges in Europe bolstered the demand outlook for U.S. exports

At A Glance:

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

The August Nymex gas futures contract surged 74.3 cents day/day and settled at $8.007/MMBtu. September rose 74.9 cents to $7.899.

NGI’s Spot Gas National Avg. raced ahead 88.0 cents to $8.810.

While forecasts shed a few gas-weighted degree days (GWDD) from earlier in the week, “it is still difficult to call the pattern remotely bearish, as we remain in hot mode, with a few record GWDDs expected at least in the near term,” Bespoke Weather...