Natural gas futures on Thursday reached a 2021 high for a third straight session, bolstered by still weak production levels following Hurricane Ida and fresh government inventory data that punctuated worries about anemic storage supplies.

Storage report

At A Glance:

  • Futures extend rally to three days
  • EIA storage print proves bullish
  • Production low in Ida’s wake

The October Nymex contract advanced 2.6 cents day/day and settled at $4.641/MMBtu. The prompt month had soared 31 cents over the two previous days. November on Thursday gained 2.9 cents to $4.692.

NGI’s Spot Gas National Avg. gained 12.5 cents to $4.480 after popping 16.0 cents a day earlier.

Estimates Thursday showed production holding below 90 Bcf, as it had since late Sunday after Hurricane Ida slammed into Louisiana and...