Natural gas futures flew ahead Wednesday, rallying a third consecutive day on festering worries about a railroad strike, expectations for blasts of cold in the month ahead and the first storage withdrawal of the season.

Storage Report

At A Glance:

  • Prompt month gains 12 cents
  • Production pressure persists
  • Demand outlook tilts bearish

Prices also advanced in Europe and Asia over the past week, reflecting Russia-imposed supply concerns and continued strong demand for LNG sent from the United States.

The December Nymex gas futures contract on Wednesday settled at $7.308/MMBtu, up 52.9 cents day/day. January jumped 30.2 cents to $7.708.

NGI’s Spot Gas National Avg. gained 6.5 cents to $6.745.

The U.S. Energy Information Administration (EIA) reported a withdrawal of 80 Bcf natural gas...