Natural Gas Futures Climb 0.84% to $2.9255 on Storage Surplus Erosion

Natural gas futures rose 0.84% to $2.9255 on Friday, holding their highest level since September 4, as a string of light injections eroded the storage surplus.

The Energy Information Administration reported a 44 Bcf build to 3,298 Bcf, which is 30 Bcf below the five-year average of 74 Bcf.

A close above $3.00 opens a path to $3.15, a 7.7% gain, while a close below $2.75 targets $2.60.

The global backdrop is also supporting prices, with European gas futures jumping 3.53% on Friday and U.K. wholesale gas rising 78% since July due to the Iran war disrupting supply routes through the Strait of Hormuz.