After a five-day rally fueled by blistering heat and surging cash prices, natural gas futures faded on Tuesday as export volumes retreated, technical resistance loomed and traders took profits. The July Nymex contract dipped 11.2 cents day/day and settled at $3.240/MMBtu. August slid 11.1 cents to $3.256.

markets

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

NGI’s Spot Gas National Avg. shed 13.5 cents to $3.190 on Tuesday after gaining 26.5 cents a day earlier.

StoneX Financial Inc.’s Thomas Saal, senior vice president of energy, said forecasts for solid domestic weather demand and expectations for strong exports this summer both remain tailwinds for natural gas prices.

After a steady climb over the previous five trading...