Despite some hesitation early in Thursday’s trading session, natural gas futures surged higher after the latest government inventory data revealed a dramatic close to the withdrawal season. The May Nymex gas futures contract settled at $6.359/MMBtu, up 33.0 cents from Wednesday’s close. June picked up 32.9 cents to reach $6.436.

At A Glance:

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

Spot gas prices fizzled, led by the Northeast with decreases of nearly 70.0 cents. NGI’s Spot Gas National Avg. tumbled 21.0 cents to $5.900.

Futures rallied early Thursday, lifted in part because weather models continued to shift, with the 15-day outlook now a little cooler than normal. May futures soared to almost $6.25 before running out of steam...