Natural gas futures snapped a two-day losing streak with a furious rally on the heels of a bullish government inventory report. The August Nymex gas futures contract jumped 78.7 cents day/day and settled at $6.297/MMBtu. September climbed 78.0 cents to $6.262.

At A Glance:

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

NGI’s Spot Gas National Avg. followed suit, rising 24.5 cents to $5.905.

Heading into trading Thursday, analysts had expected a seasonally stout inventory increase that would keep the market on pace for adequate supplies in storage by the end of the injection season.

[Want to know how global LNG demand impacts North American fundamentals? To find out, subscribe to NGI’s Daily Gas Price Index]

In contrast to intense...