Natural gas futures extended their losses on Thursday as this week’s heatwave was set to begin subsiding, paving the way for a drop in cooling demand ahead of the weekend. The August Nymex contract settled 4.8 cents lower day/day at $2.609/MMBtu.

At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

Spot gas prices quickly reversed course, with widespread losses essentially undoing the prior day’s rally and then some. NGI’s Spot Gas National Avg. fell 36.0 cents to $2.340.

Though brief, scorching temperatures across the country boosted air-conditioning across much of the country. The spike in demand fueled cash prices to around $8.00 on the East Coast, though most other locations remained under $3.00.

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