Natural gas futures on Thursday snapped a two-day losing streak, bolstered by a bullish storage print, lower production and forecasts for strong summer heat.

At A Glance:

  • EIA prints 59 Bcf injection
  • Hotter temperatures ahead
  • Output hovers at 97.6 Bcf/d

The June Nymex gas futures contract rallied 10.3 cents day/day and settled at $2.035/MMBtu.

After shedding 4.0 cents the day before, NGI’s Spot Gas National Avg. on Thursday gained back 4.0 cents to $1.395. A rebound in West Texas prices undergirded the national average.

Production held at 97.6 Bcf/d on Thursday, in line with the prior day and down 1.5 Bcf/d from the prior 30-day average, according to Wood Mackenzie. It was nearly 10 Bcf/d below the all-time high levels reached earlier this year. Pullbacks by several...