Natural gas futures gathered even more momentum on Thursday, reaching a seven-year high as production remained weak in Hurricane Ida’s aftermath and the latest government inventory report confirmed a tight supply/demand balance.

storage

At A Glance:

  • Futures forge past $5.00 mark
  • EIA reports 52 Bcf storage injection
  • Western spot prices fall back

Ida “amplified already heightened supply fears,” said RBN Energy LLC analyst Sheetal Nasta. 

The October Nymex contract gained 11.7 cents day/day and settled at $5.031/MMBtu. A day earlier, the prompt month jumped 34.6 cents. November advanced 11.0 cents on Thursday to close at $5.072.

NGI’s Spot Gas National Avg., meanwhile, shed 49.0 cents to $4.915 as prices eased after spiking nearly $1.000 over the two previous days amid...