Chris Newman

Natural gas futures rallied after a rare summer storage draw but then lost steam Thursday, possibly from profit taking as traders took a cue from cash markets still under the spell of oversupply.

Natural gas futures pushed higher Thursday after the U.S. Energy Information Administration (EIA) reported a rare summer withdrawal of 6 Bcf from storage for the week ended Aug. 9.

Natural gas futures pushed higher Wednesday as traders positioned for a possible rare midsummer storage draw that would add further evidence of tightening market balances.

Natural gas futures erased early gains to finish lower on Tuesday as traders took profits to pause a rally sparked by this month’s dropoff in gas production.

Natural gas futures rose on Monday for a fifth session as the possibility of a rare summer storage draw later this week highlighted lower output alongside decent demand tightening supply-demand balances.

Weekly natural gas cash prices sank as former Hurricane Debby curbed demand in the East and West Texas prices sank deeper into the negative.

Natural gas futures pushed higher for a fourth day on Friday, supported by weaker spot prices and maintenance projects curbing production, reversing its jump to a five-month high in the previous week.

Natural gas futures rose for a third day on Thursday after a relatively lean government storage build signaled production levels might be running lower than expected.

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 21 Bcf natural gas into storage for the week ended Aug. 2. The result, slightly below expectations, came despite a jump in renewable power that threatened a bearish miss.

Natural gas power burns rose to record levels in July and have so far accelerated those gains in early August, defying some forecasts that growth would flatten in the second half of the year.