After two solid days in the black, natural gas futures prices reached new heights on Wednesday as production continued to decline, and hot weather remained firmly in next week’s forecast. The September Nymex gas futures contract hit a $4.205 intraday high before settling at $4.158, up 13.1 cents from Tuesday’s close.

At A Glance:

  • Next week could see hottest temps all summer
  • Storage deficit set to swell in next two months
  • Cash posts double-digit gains

Spot gas prices also strengthened as the cool conditions experienced in much of the country this week started to fade. With warmer temperatures on the way, NGI’s Spot Gas National Avg. ticked up 12.0 cents to $4.120.

The potential for intense heat next week already has cut short an emerging period of consolidation in the...