Natural gas futures gave up ground on Friday as traders took profits following a frenzied rally that saw the prompt month surge more than 46 cents over the two prior trading sessions. The catalysts for the spikes remained firmly in place: Light production in Hurricane Ida’s wake and festering concerns about inadequate storage ahead of winter.

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At A Glance:

  • Futures pull back after big rally
  • Production, storage remain concerns
  • Spot prices moderate in the West

The October Nymex contract fell 9.3 cents day/day and settled at $4.938/MMBtu. November lost 9.9 cents to $4.973.

Spot gas prices dipped lower as well. NGI’s Spot Gas National Avg. shed 5.5 cents to $4.860.

After crashing ashore in Louisiana Aug. 29 as a Category 4 hurricane, Ida left in its path severe wind and...