Following through on the previous session’s prodigious rally and then some, natural gas futures soared early Friday as traders contemplated tight balances and a potential major Gulf Coast hurricane. The expiring September Nymex contract was up 18.0 cents to $4.364/MMBtu at around 8:45 a.m. ET. October was up 17.2 cents to $4.383.

NGI Morning Natural Gas Price & Markets Coverage

At 8 a.m. ET Ida was churning near the Cayman Islands as a tropical storm, carrying maximum sustained winds of 60 mph, according to the National Hurricane Center (NHC). The latest forecast track showed Ida approaching the northern Gulf Coast on Sunday.

NHC said it expects “additional steady to rapid strengthening” over the next few days, with Ida projected to be “at or near major hurricane strength when it approaches the northern Gulf...