Natural gas futures flew higher Thursday, gaining ground for the fifth time in six sessions as production continued to slide and storage excesses gradually narrowed.

At A Glance:

  • EIA prints 79 Bcf Injection
  • Output below 96 Bcf/d
  • Summer weather nears

Following a breather the prior session – a 2.0-cent dip – the June Nymex gas futures contract on Thursday jumped 11.4 cents day/day and settled at $2.301/MMBtu.  

NGI’s Spot Gas National Avg. shed 14.5 cents to $1.375, dragged lower by ongoing weakness in West Texas.

Production slipped to 95.6 Bcf/d, according to Wood Mackenzie estimates on Thursday, down from the prior seven-day average of 97.6 Bcf/d and the 30-day average of 98.5 Bcf/d. Due largely to a producer pullback in the face of hefty storage balances coming...