Natural gas futures floundered on Tuesday as the domestic weather outlook shifted increasingly bearish, production ticked up and energy commodities broadly dipped lower amid pandemic flare-ups and the potential for a cease-fire in Ukraine.

Regional Curve Prices

At A Glance:

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

On its final day as the prompt month, the April Nymex gas futures contract lost 17.2 cents day/day and settled at $5.336/MMBtu before rolling off the board. May fell 20.8 cents to $5.330. Futures faltered for a second straight day – after rallying throughout the prior week.

NGI’s Spot Gas National Avg. shed 55.0 cents to $4.970, led lower by drops across Appalachia and the East.

U.S. production reached 95.5 Bcf on Tuesday, up more than a 1...