Natural gas futures on Thursday powered forward for a third straight day, strengthening a burgeoning bull run after a relatively anemic storage injection and further pressure on production.

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

The November Nymex gas futures contract spiked 20.4 cents day/day and settled at $3.166/MMBtu. December gained 19.1 cents to $3.511.

NGI’s Spot Gas National Avg. shed 8.0 cents on Thursday to $2.480. The pullback ended a three-day rally in cash markets.

Production slipped below 100 Bcf/d on Thursday, according to Bloomberg’s estimate, putting it nearly 3 Bcf/d from 2023 highs amid ongoing maintenance work in the Permian Basin. Production was also lower last week, the period covered by...