As some teachers and students headed back to the classroom, traders appeared to call an end to the summer for natural gas markets as well. With the latest weather models slicing more projected demand off the 15-day forecast, the Nymex September gas futures contract tumbled 47.5 cents to $7.589/MMBtu on Monday. October futures fell 47.3 cents to $7.578.

michigan basis graph

At A Glance:

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

Spot gas prices were lower across most of the country despite continued widespread heat for another day or so. NGI’s Spot Gas National Avg. dropped 20.0 cents to $7.845.

After countless bouts of 90-degree temperatures popping up across the Lower 48 this summer, the latest weather models showed cooler weather set to begin this week...