Natural gas futures sailed higher on Monday, rallying for a third straight session ahead of prompt month expiration and amid a potential global energy supply crunch.

NGI Storage Snapshot

The October Nymex contract spiked 56.6 cents day/day and settled at $5.706/MMBtu. October rolls off the board as the prompt month at the close of trading Tuesday. November jumped 53.1 cents on Monday to $5.731.

At A Glance:

  • Futures eclipse $5.700 threshold
  • Cash prices surge in tandem
  • The October contract expires Tuesday

NGI’s Spot Gas National Avg. also surged, gaining 49.0 cents to $5.095.

Bespoke Weather Services said consistently lofty European benchmark gas prices – along with high prices globally – continue to support U.S. trading. Concerns simmer that if the coming winter is colder than normal,...