The June Nymex natural gas futures contract rallied toward its expiration on Thursday, pushing above $9.401 in intraday trading and reaching the highest level since 2008. Even as traders digested a weak storage print and renewed concerns about a supply crunch, many took profits in the final hour of trading that ultimately sent futures into the red. June settled at $8.908/MMBtu on Thursday, down 6.3 cents day/day.

At A Glance:

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

“It has been a remarkable month” for the June contract, analysts at Mobius Risk Group LLC said.

July, which takes over as the front month with trading Friday, fell 9.8 cents to $8.895.

After spiking nearly $1.00 over the two prior days, NGI’s Spot Gas National...