Natural gas futures snapped a three-day winning streak on Wednesday, giving up ground amid strengthening production, fading demand and weakness in cash markets. The June Nymex gas futures contract lost 7.6 cents day/day and settled at $2.191/MMBtu. July fell 9.1 cents to $2.336.

markets

At A Glance:

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

NGI’s Spot Gas National Avg. declined 11.5 cents to $1.660.

Forecasts “maintained light to very light national demand the next 15 days due to limited coverage of highs into the 90s,” NatGasWeather said Wednesday.

Longer-range outlooks showed mild conditions extending into late May and early June, with highs of 70s and 80s expected for most of the country, NatGasWeather added. However, there remains “the...