After plunging more than $1.00 on Monday, natural gas futures were down sharply again early Tuesday despite a large day/day production decline. The June Nymex futures contract was trading 35.6 cents lower at $6.670/MMBtu at around 8:50 a.m. ET.

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Traders appeared to be brushing off the precipitous drop in output, perhaps because most of the decline was likely tied to maintenance. After showing strong numbers over the weekend, the top day estimates reflected in Wood Mackenzie’s pipeline production data pointed to a roughly 1.2 Bcf/d day/day drop in output to around 94.9 Bcf/d.

Northeast production was most heavily impacted, with volumes down around 660 MMcf/d, Wood Mackenzie said. The majority of the decline occurred in Pennsylvania.

Rockies output was down around 255 MMcf/d,...