Natural gas futures surged for a third consecutive day against a backdrop of escalating global supply uncertainties after Russia cut off natural gas supplies to two European countries. With domestic fundamentals also tight this week, the May Nymex contract rolled off the board Wednesday at $7.267/MMBtu, up a massive 41.7 cents on the day.

EIA natural gas storage

At A Glance:

  • BREAKING: U.S. EIA reports 40 Bcf injection into storage
  • Production drops further
  • Cash strength continues

The June contract, which moves to the front of the Nymex curve on Thursday, climbed 36.1 cents to $7.339.

Spot gas prices were mixed, as pipeline maintenance led prices lower in a few regions, while stronger-than-normal demand lifted others. NGI’s Spot Gas National Avg. picked up 27.5 cents to $7.070.

Volatility...