Intense and unrelenting heat waves, combined with lower production, powered weekly natural gas cash and futures prices higher.

Storage Report

NGI’s Weekly Spot Gas National Avg. for the July 17-21 trading period gained 20.0 cents to $2.620/MMBtu.

National Weather Service (NWS) data showed blistering heat from the deserts of California to Texas, with triple-digit highs peppering that vast stretch of the country during the week. Intensifying heat on the East Coast added momentum for bulls, with highs in the upper 80s and 90s – along with heavy humidity – baking major markets from New York to Florida.

Bloomberg estimates during the week showed production running below 100 Bcf/d, off about 1.5 Bcf/d from July highs. Output was dragged lower by maintenance events in the Northeast and...