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Natural gas futures on Thursday soared amid rising demand and the release of the latest storage data outlining an injection that was a bullish miss against expectations and historical averages.

The rally continued for natural gas futures through midday Thursday as a leaner-than-expected weekly inventory injection kept bulls on the offensive. 

FERC has approved El Paso Natural Gas Co. LLC's (EPNG) application to construct and operate the South Mainline Expansion Project, which would increase capacity on the company's Line Nos. 1100 and 1103 in Hudspeth and El Paso counties in Texas [CP18-332].

A jittery natural gas market plagued by a historic storage deficit that has only worsened before the peak of the winter season got some good news on the weather front as outlooks showed warmer temperatures beginning next week, a trend that could last for the next several weeks. January forward prices plunged an average 41 cents from Nov. 29-Dec. 5, while the balance of winter (February-March) dropped an average 31 cents, according to NGI’s Forward Look.

Demand pull from exports to Mexico and from liquefied natural gas (LNG) terminals on the Gulf Coast has bolstered Kinder Morgan Inc.'s (KMI) outlook for its natural gas transportation business, as volumes rose during the second quarter. Expansions targeting Permian Basin output also are on the horizon.