Natural gas futures jumped higher Wednesday, building on the prior day’s gains, as traders absorbed news of the production disruption imposed by Hurricane Ida and fixated on the specter of inadequate inventories ahead of winter.

Storage Estimate

At A Glance:

  • Futures hit fresh 2021 high
  • Production remained precarious
  • Storage concerns festered

The October Nymex contract surged 23.8 cents day/day and settled at $4.615/MMBtu, a high for the year. A day earlier, the prompt month gained 7.2 cents. November also gained 23.8 cents on Wednesday and closed at $4.663.

Spot gas prices advanced as well, led higher by gains in the nation’s midsection. NGI’s Spot Gas National Avg. rose 16.0 cents to $4.355.

Ida left in its wake more than one million utility customers without power – more than...