Headlights

After looking a little like a deer caught in the headlights in the minutes immediately following the storage report (78 Bcf injection), the natural gas futures market bolted higher Thursday as technical market features trumped an increasingly bearish storage situation. The September contract carved out a new, one-month high at $5.34 by 11:30 a.m. ET, and then slid back a few cents in the afternoon to close at $5.275, up 15.6 cents for the session.