After trading sideways for the better part of Wednesday’s session, natural gas futures surged in the last half hour as the tight global supply backdrop provided bulls the justification for another rally. The November Nymex gas futures contract settled at $5.170/MMBtu, up 8.2 cents on the day. December edged up 9.7 cents to $5.447.

At A Glance:

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

Spot gas prices, meanwhile, recovered as multiple weather systems swept across the country, temporarily boosting demand in some regions. NGI’s Spot Gas National Avg. jumped 13.0 cents to $4.790.

Price action along the futures curve remained volatile midweek, with prices down by more than a dime not long after the session opened. The November Nymex...