Natural gas futures slumped Thursday after a bearish government inventory report showed gas in storage grew faster than expected in early November, underscoring the effect of record production levels amid a mild start to winter to draw out the bears.

The December Nymex natural gas futures contract settled at $3.062/MMBtu, down 12.8 cents day/day.

NGI’s Spot Gas National Avg. shed 11.5 cents on Thursday to $2.930. The benchmark has pulled back for two days after it briefly rose above the $3.000 level on Tuesday.

The U.S. Energy Information Administration (EIA) on Thursday reported a rare double storage print for the two weeks ending Nov. 10. A planned systems upgrade delayed the release of data for the week ending Nov. 3. For the Nov. 3 week, utilities withdrew 6 Bcf from...