Natural gas futures on Wednesday rebounded as traders mulled ongoing production outages in the Gulf of Mexico (GOM), robust domestic demand and intensifying competition for U.S. exports of liquefied natural gas (LNG).

storage

At A Glance:

  • BREAKING: U.S. utilities injected 52 Bcf natural gas into storage for the week ended Sept. 3
  • Production slow to recover
  • Spot prices soared in the West

The October Nymex contract jumped 34.6 cents day/day and settled at $4.914/MMBtu. A day earlier, the prompt month shed 14.4 cents. November gained 34.7 cents on Wednesday to $4.962.

Spot gas prices rallied for a second day, led higher by surges in the West. NGI’s Spot Gas National Avg. soared 61.0 cents to $5.405 a day after advancing 37.5 cents.

Bespoke Weather Services said forecasts Wednesday...