Natural gas futures rallied for a fourth straight session on Wednesday, supported by waning production and forecasts for intensifying heat in the second half of this month. The July Nymex gas futures contract gained 6.7 cents day/day and closed at $2.329/MMBtu. August rose 5.2 cents to $2.433.

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At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

NGI’s Spot Gas National Avg. gained 6.5 cents to $2.005.

Wood Mackenzie analyst Laura Munder noted Wednesday that production slipped below 99 Bcf/d – after falling beneath the century mark to start the week. She cited maintenance events across multiple regions, from Louisiana to Pennsylvania. Bloomberg also estimated output declined; it pegged production around 98.5 Bcf/d. For most of May,...