Natural gas futures extended losses on Wednesday as forecasts pointed to benign conditions and LNG demand proved soft, offsetting continued light production estimates and expectations for a seasonally bullish storage print.

At A Glance:

  • Unsupportive weather outlook
  • Production hovers near 97 Bcf/d
  • NGI models 56 Bcf storage build

Coming off a 3.9-cent decline the prior session, the June Nymex gas futures contract on Wednesday settled at $1.932/MMBtu, down 5.9 cents day/day.

NGI’s Spot Gas National Avg. followed suit and shed 4.0 cents to $1.355.

Production clocked in at 97.1 Bcf/d on Wednesday, according to Wood Mackenzie’s estimate. That was down from record highs around 107 Bcf/d earlier this year and down from the prior 30-day average of about 99.2 Bcf/d. Major...