September Natural Gas Rallies as ‘Hottest Weather of Summer’ Seen for Next Week

Natural gas futures traded both sides of the $4.00/MMBtu mark on Monday as bullish weather forecasts and persistently sagging storage levels quickly reversed the losses from late last week. The September Nymex gas futures contract hit a $4.042 intraday high but ultimately finished the day at $3.935, up only 2.1 cents from Friday’s close.

At A Glance:

• Heat sparks Nymex futures rebound
• California temperatures flirt with century mark
• End-October storage seen short

Spot gas prices also recovered despite weak weather demand in store for this week, particularly on the East Coast. NGI’s Spot Gas National Avg. climbed 17.0 cents to $3.915.

Temperatures over the next week are expected to be generally moderate thanks to a series of wet weather systems sweeping across the eastern...