Natural gas futures rallied a third consecutive day in the short holiday week, as markets digested a storage decrease and hints of stronger demand before the December contract rolled off the board as the prompt month at the close of trading Wednesday.

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The December Nymex contract jumped 12.1 cents day/day to settle at $2.896/MMBtu. January rose 6.1 cents to $2.961 on its final day before moving to the front month.

NGI’s Spot Gas National Avg., meanwhile, declined 10.0 cents to $2.220 as temperatures rose and heating needs eased in the East.

Production levels hung around 90 Bcf – near six-month highs. Production built up in November following cuts tied to both the coronavirus pandemic and a record hurricane season that forced temporary shut-ins in the Gulf of Mexico several...