Natural gas futures gathered even more momentum on Thursday, reaching a seven-year high as production remained weak in Hurricane Ida’s aftermath and the latest government inventory report confirmed a tight supply/demand balance.

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At A Glance:

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

Ida “amplified already heightened supply fears,” said RBN Energy LLC analyst Sheetal Nasta.  

The October Nymex contract gained 11.7 cents day/day and settled at $5.031/MMBtu. A day earlier, the prompt month jumped 34.6 cents. November advanced 11.0 cents on Thursday to close at $5.072.

NGI’s Spot Gas National Avg., meanwhile, shed 49.0 cents to $4.915 as prices eased after spiking nearly $1.000 over the two previous days amid record heat in the...