Natural gas futures continued to climb on Wednesday despite starkly bearish near-term fundamentals, including the potential for a record fall storage injection. After hitting a $7.022/MMBtu intraday high, though, the Nymex November gas futures contract settled Wednesday at $6.930, up only 9.3 cents day/day. December futures climbed 6.2 cents to $7.236.

At A Glance:

  • 100-plus Bcf storage injection on tap
  • Late-October cold seen possible
  • Weather systems driving cash gains

Spot gas prices continued to strengthen as well, with the East Coast gearing up for an early season cold blast. NGI’s Spot Gas National Avg. picked up 81.0 cents to $6.005.

After two days in the green for Nymex futures in spite of unsupportive fundamentals, Vortex Commodities CEO Brian Lovern told NGI the...