For the second time this month, natural gas forward prices rallied sharply as the prospects of stronger export demand had market bulls salivating — and generally ignoring the coming span of moderate weather that stands to topple storage stocks ahead of winter.

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September forward prices jumped an average 21.0 cents between Aug. 13 and Aug. 19, while winter prices (November-March) shot up 14.0 cents on average, according to NGI’s Forward Look. Prices were strong further out the forward curve as well, though gains averaged less than 10.0 cents for next summer and beyond, Forward Look data showed.

The gains were similar to those seen along the Nymex futures strip. On Wednesday, the prompt month stood at $2.426, up about 25.0 cents from Aug. 13. The Nymex winter strip jumped around...