The uncertainty created by a sharp decline in production proved too much to bear (no pun intended) for the natural gas market on Thursday. Traders eventually brushed off a large miss in the latest government storage report, sending the August Nymex gas futures up another 1.1 cents to $3.661. The September contract tacked on eighth-tenths of a cent to $3.632.

EIA storage june 25

At A Glance:

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

Spot gas prices continued to tumble from recent highs. NGI’s Spot Gas National Avg. plunged 19.5 cents to $3.415.

With temperatures starting to retreat from historic highs in the Pacific Northwest, and the East Coast expected to be downright cool in parts of the region over the Independence Day weekend, all attention was on...