Loose EIA stat sends Nymex natural gas futures lower

EIA Storage Report

Clarity likely forthcoming on future LNG demand

Spot gas prices mostly lower as Western heat eases

It took some convincing, but traders have woken up to the incredible looseness still penetrating the natural gas market. After a bearish storage report, the September Nymex gas futures contract dropped 7.4 cents to $2.352. October fell 6.0 cents to $2.503.

Spot gas prices also were mostly lower, with steep decreases continuing to be seen in California after intense heat earlier in the week. NGI’s Spot Gas National Avg. slid 5.5 cents to $2.165.

With international gas prices on the rise, the U.S. gas market has enjoyed a run over the last two weeks that lifted September futures above the $2.40 mark. However, the...