Natural gas futures rocketed higher early Wednesday as supply concerns continued to grip the market. The October Nymex contract was up 17.4 cents to $5.434/MMBtu at around 8:45 a.m. ET.

NGI Morning Natural Gas Price & Markets Coverage

The continued gains in Henry Hub futures coincide with rallying prices overseas and storage adequacy concerns both at home and abroad, according to Bespoke Weather Services. There remains significant running room before the market would begin to price out liquefied natural gas (LNG) exports in the event of a supply crunch, the firm said.

“Natural gas prices are (surprise, surprise) up sharply this morning, seemingly piggybacking off European prices, which have been up more than 10% so far today,” Bespoke told clients in a note early Wednesday. “…It is all fear in the market, owing to...