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Strong Production, Weak Demand Cripple Natural Gas Futures ... - Natural Gas Intelligence

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Strong Production, Weak Demand Cripple Natural Gas Futures; Cash Prices Climb - Natural Gas Intelligence

Natural gas futures on Wednesday declined again under the weight of two usual suspects – steady production and modest demand. Following Tuesday’s 9.0-cent sell-off, the July Nymex gas futures contract settled at $2.266/MMBtu, down 6.1 cents day/day. August shed 5.8 cents to $2.358.

At A Glance:

- July Nymex contract falls again
- Output approaches record level
- Triple-digit injection expected

In contrast, NGI’s Spot Gas National Avg. advanced a second straight day, rising 18.5 cents to $2.095. The average recovered from a beating last week.

Production topped 101 Bcf/d, according to Bloomberg’s estimate on Wednesday. Aside from sporadic maintenance interruptions, output in May consistently held near or above the century mark and within striking distance of record averages...

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