Natural gas futures rose on Thursday despite little change in the supply/demand backdrop of the market. Although the latest storage data were bullish, prices were higher before the report was published, and the print didn’t detract from what likely will be growing surpluses later this month.

At A Glance:

  • EIA prints 154 Bcf withdrawal 
  • Warmth to follow weekend cold
  • Production nears 98 Bcf/d

The March Nymex gas contract reached a $2.529 intraday high before settling at $2.430/MMBtu, up 3.4 cents from Wednesday’s close. April futures climbed 1.5 cents to $2.492.

Spot gas prices were mostly steady across the Lower 48. However, large price increases on the West Coast sent NGI’s Spot Gas National Avg. up 1.5 cents to $2.770.

[Download Now: In our 2024 Natural Gas Outlook...