Natural gas futures floundered on Tuesday as traders took profits and ongoing maintenance projects called into question the timing of a full rebound in export demand.

At A Glance:

  • Production near 97 Bcf/d
  • Export demand mixed
  • Strong Southern heat

Coming off a 12.9 cent jump on Monday and a 5% rally last week, the June Nymex gas futures contract settled at $2.344/MMBtu, down 3.7 cents day/day.

NGI’s Spot Gas National Avg. climbed 13.5 cents to $1.640, bolstered by a recovery in West Texas and solid Southern cooling demand.

Flow data early Tuesday showed deliveries bound for the Freeport LNG terminal were near the highest level in weeks, around 2 Bcf/d, as the facility appeared near the end of maintenance events. However, overall U.S. liquefied natural gas deliveries were...