Natural gas futures flew higher again on Monday – up more than 30 cents early — as worries about global energy supplies intensified and bulls dominated U.S. trading ahead of front-month expiration. Traders took some profits in afternoon action, but the October contract still finished in the green and up more than 70 cents over its final two sessions.

West Texas basis outlook

At A Glance:

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

Following a 56.6-cent gain to start the week, the October Nymex contract on Tuesday rose another 13.5 cents day/day and settled at $5.841/MMBtu before rolling off the board. November, which takes over as the prompt month on Wednesday, gained 14.9 cents to $5.880.

NGI’s Spot Gas National Avg. spiked 32.0 cents to $5.415 on Tuesday....