Natural gas futures soared higher Tuesday as traders attempted to close the massive gap between the front of the curve and the winter contracts. Despite little change in the fundamental backdrop, the September Nymex futures contract jumped 7.8 cents day/day to settle at $2.417. October climbed 8.0 cents to $2.556.

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Spot gas prices were mixed as California heat was seen fading in the coming days. NGI’s Spot Gas National Avg. plunged 23.0 cents to $2.300.

August has brought a renewed sense of excitement into the natural gas markets. For months, prices have been mostly range bound despite the extensive headwinds brought on by unusually high storage levels and then exacerbated by Covid-19 and the oil market downturn. After months of economic turmoil and dismal coronavirus case...