Beleaguered natural gas futures fell a second day, hampered again by robust supplies and weakening weather-driven demand. The April Nymex gas futures contract lost 5.8 cents day/day and closed at $2.030/MMBtu. May futures settled at $2.147, down 6.8 cents.
At A Glance:
- July Nymex contract falls again
- U.S. output strong
- U.S. EIA reports 110 Bcf injection
NGI’s Spot Gas National Avg. slipped 9.5 cents to $2.470.
Production held above 100 Bcf/d on Tuesday, on par with the start of the week and recent peak levels. At the same time, National Weather Service (NWS) forecasts Tuesday pointed to warmer conditions than in previous outlooks, with benign conditions expected across the South – and in some northern markets — late this week and next, minimizing demand.