Natural gas futures rallied anew on Monday against a backdrop of looming summer weather, lighter production and an improving storage situation.

At A Glance:

  • Temperatures mount in South
  • Production around 98 Bcf/d
  • NGI models 75 Bcf injection

After gaining 5% last week – despite a drop Friday – the June Nymex gas futures contract on Monday advanced 12.9 cents day/day and settled at $2.381/MMBtu.

NGI’s Spot Gas National Avg. gained 6.0 cents to $1.505.

[Want to visualize Henry Hub, Houston Ship Channel and Chicago Citygate prices? Check out NGI’s daily natural gas price snapshot now.]

Wood Mackenzie estimated production at 98.3 Bcf/d on Monday. That was on par with the prior 30-day average, indicating that output has settled at a meaningfully lower level than the...