Natural gas futures rebounded with vigor on Thursday, propelled by domestic and global supply challenges as the peak winter demand season looms. The October Nymex contract shot up 17.1 cents day/day and settled at $4.976/MMBtu. November jumped 18.8 cents to $5.043.

Natural Gas Storage

At A Glance:

  • Futures spike 17.1 cents
  • EIA prints 76 Bcf storage injection
  • Cash prices claw back into the green

A day earlier, the prompt month broke even, ending a four-day losing streak that was driven by forecasts for mild weather into early October.

NGI’s Spot Gas National Avg. gained 3.5 cents to $4.715.

Anemic production levels and below-average gas in storage, with only a few weeks before heating demand revs up, moved to the forefront of traders’ minds Thursday, sparking a new rally.

Only last...