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Natural Gas Futures Slip Further as Lofty Production Holds, Storage ... - Natural Gas Intelligence

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Natural Gas Futures Slip Further as Lofty Production Holds, Storage Surpluses Seen Remaining Intact - Natural Gas Intelligence

Natural gas futures extended their losses on Thursday as this week’s heatwave was set to begin subsiding, paving the way for a drop in cooling demand ahead of the weekend. The August Nymex contract settled 4.8 cents lower day/day at $2.609/MMBtu.

At A Glance:

- Mixed weather outlook for July
- Little improvement seen for storage
- Cash plummets on easing heat

Spot gas prices quickly reversed course, with widespread losses essentially undoing the prior day’s rally and then some. NGI’s Spot Gas National Avg. fell 36.0 cents to $2.340.

Though brief, scorching temperatures across the country boosted air-conditioning across much of the country. The spike in demand fueled cash prices to around $8.00 on the East Coast, though most other locations remained under $3.00.

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