Against a backdrop of ongoing storage adequacy concerns, natural gas forwards advanced during the Aug. 19-25 trading period, according to NGI’s Forward Look. Meanwhile, fireworks in the futures market Thursday offered a glimpse of what thin inventory margins could mean for prices heading into winter.

Prompt month fixed price gains of around 5-15 cents were the norm for forwards across the Lower 48 from Aug. 19-25, with most locations mimicking Henry Hub’s 7.1-cent week/week increase. Notable exceptions occurred on both the East and West coasts, however, as basis premiums eroded in Southern California and in the Mid-Atlantic.

In the futures market, after a few days of up-and-down price action, Nymex natural gas raced higher in Thursday’s trading, with bulls seemingly let...