Natural gas futures on Wednesday rallied for a third consecutive session, again touching a new high for the year as traders fixated on potentially sparse supplies in the United States and Europe ahead of the peak winter demand season. 

At A Glance:

  • Futures rally a third straight day
  • Storage worries weigh on markets
  • Cash prices extend upward climb

The October Nymex contract jumped 20.0 cents day/day and settled at $5.460/MMBtu. Over the two prior sessions, the prompt month surged nearly 33.0 cents. November gained 20.2 cents to $5.507 on Wednesday.

After spiking nearly 50 cents over Monday and Tuesday, NGI’s Spot Gas National Avg. climbed another 18.0 cents to $5.530.

“It is all fear in the market, owing to storage levels that are viewed as less than sufficient in the...