Natural Gas Futures Slip as Near-Term Heat Not Enough to Counter ... - Natural Gas Intelligence

Natural Gas Futures Slip as Near-Term Heat Not Enough to Counter Robust Production, Storage - Natural Gas Intelligence

Still groggy from the holiday, natural gas futures struggled to find direction on Wednesday. Amid a supportive backdrop of near-term heat and softening drilling activity, a host of bearish factors ultimately proved too much to overcome. The August Nymex gas futures contract settled 5.2 cents lower than Monday’s settlement at $2.657/MMBtu.

At A Glance:

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

Spot gas prices were stronger, however, fueled by the hotter-than-normal weather spanning much of the Lower 48. Led by huge gains in the Northeast, NGI’s Spot Gas National Avg. jumped 31.0 cents to $2.700.

With temperatures soaring into the 90s in the first heatwave of the summer for the East Coast, Nymex futures attempted a...