Natural gas futures churned out another price gain on Tuesday, with analysts largely seeing the move higher as technically driven rather than fueled by any significant change in the supply/demand balance. The March Nymex gas futures contract climbed 12.7 cents  on the day to $2.584/MMBtu, while April futures picked up 12.9 cents to $2.664.

At A Glance:

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

Spot gas prices strengthened as well, with NGI’s Spot Gas National Avg. up 14.5 cents to $2.660.

Rare as it was in recent weeks, Tuesday’s nearly 13-cent jump at the front of the Nymex curve appeared to be a wake-up call for sleepy bulls who have grown weary of the continued balmy February outlook, strong production levels and healthy...