Natural gas futures continued to surge Thursday as weather models finally started trending cooler and the latest storage data reflected one of the tightest balances all summer. The November Nymex gas futures contract nearly touched $6.000/MMBtu before midday, but ultimately settled at $5.687, up 9.7 cents from Wednesday’s close. December climbed 8.4 cents to $5.837.

storage Oct. 8

At A Glance:

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

Spot gas prices roared higher amid robust power generation consumption. NGI’s Spot Gas National Avg. moved up 30.5 cents to $5.590.

With global supplies tight and domestic demand remaining strong despite the higher price environment, the first cold snap that shows up in the forecast could spook the market and fuel...