Natural gas forward prices recovered some ground during the Sept. 7-13 trading period as bullish technical signals and a steadily eroding storage surplus lifted the October contract by an average 10.0 cents, according to NGI’s Forward Look.

Small price gains were seen throughout the forward curves, with November prices averaging 9.0 cents higher and the full winter strip (November-March) picking up an average 10.0 cents, Forward Look data showed. Summer 2024 prices (April-October) were up less than a nickel at most U.S. locations.

Notably, price increases were small overall, given robust storage levels and expectations for a warmer-than-normal winter with forecasts for El Niño to remain in place through the season. Production also remains not far off highs despite some...