Following four daily gains on the back of lighter production and forecasts for mounting demand, natural gas futures stalled early on Thursday, held in check by a triple-digit storage injection that reminded the market remains long on supplies.

At A Glance:

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

Still, traders eventually looked past the government data and toward looming summer cooling demand, lifting the prompt month for a fifth straight session. The July Nymex gas futures contract settled at $2.352/MMBtu, up 2.3 cents day/day. August ticked up a tenth of one cent to $2.434.

NGI’s Spot Gas National Avg. slid 9.5 cents lower to $1.910 amid a near-term demand drought.

In bulls’ favor, production on Thursday remained well below...