Bulls took the lead this week as North American natural gas futures saw the kind of upward pressure that has been rare in 2023.

The November New York Mercantile Exchange gas futures contract jumped 20.4 cents day/day on Thursday and settled at $3.166/MMBtu. December gained 19.1 cents to $3.511.

Supply concerns appeared to be behind the price momentum. Maintenance in the Permian Basin ensured that U.S. production dipped below 100 Bcf/d, according to Bloomberg estimates. 

Cooler weather trends, a lower-than-expected U.S. Energy Information Administration (EIA) storage print on Thursday, and concerns over Australian LNG workers going on strike were also factors, according to NatGasWeather.

Mexico imports of natural gas also continue to be robust.  For the 10 days through...