Natural gas futures rallied a fourth consecutive day – and for a seventh time in eight sessions – as both domestic and global supply concerns intensified while signs of robust summer demand accumulated. The June Nymex gas futures contract spiked 46.1 cents day/day and settled at $8.415/MMBtu. July rose 44.7 cents to $8.472.

At A Glance:

  • U.S. production under pressure
  • Turmoil in Europe fuels worry
  • Expected heat powers spot prices

NGI’s Spot Gas National Avg. advanced 34.5 cents to $8.155, marking a third straight day of outsized gains, as highs in the 90s and 100s over Texas and the Southern Plains were expected later this week to drive early season cooling demand.

“We’re rallying like a banshee,” Marex North America LLC’s Steve Blair, senior account...