An early slide along the Nymex natural gas futures curve gave way to a technical bounce midday, ultimately boosting the July contract by 28.1 cents to a $6.501/MMBtu settlement. August futures climbed 26.5 cents to $6.546.

forward price basis

At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

Spot gas prices also were mostly higher after the weekend, even as temperatures moderated from the unusually high levels seen last week. NGI’s Spot Gas National Avg. picked up 10.5 cents to reach $6.085.

With the expiration of the July futures contract looming on Tuesday, some renewed volatility hit the market as traders weighed a suite of fundamentals that were both partly bullish/partly bearish.

On the weather front, after a steamy June, outlooks showed cooler...