Natural gas futures surged ahead Thursday after a government inventory report fell far short of expectations. It marked the fourth advance in five sessions for the prompt month, with markets also focused this week on expectations for declining production.

At A Glance:

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

The June Nymex gas futures contract jumped 22.7 cents day/day to close at $2.592/MMBtu. July gained 20.6 cents to $2.715.

NGI’s Spot Gas National Avg. slid 7.0 cents to $1.970, held in check by soft weather-driven demand.

The U.S. Energy Information Administration (EIA) reported an injection of 99 Bcf natural gas into storage for the week ended May 12. The result came in well below median estimates in major polls and...