An encroaching blast of Arctic air in concert with steady LNG demand sent natural gas futures forward for a third consecutive session on Thursday – even after the latest government inventory report showed supplies at hefty levels.

At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

The February Nymex gas futures contract rallied 15.3 cents day/day and settled at $2.821/MMBtu. 

NGI’s Spot Gas National Avg. gained 26.5 cents to $3.280, building upon solid advances in the two prior sessions as utilities prepped for pending winter freezes and potential hits to supply.

Production slipped below 105 Bcf/d in Wood Mackenzie’s Thursday estimate. However, readings have proven choppy early in 2024 and the recent three-day average topped 106...