Natural gas futures probed both sides of even early Wednesday as traders continued to contemplate an underwhelming July cooling demand outlook, set against a backdrop of ample storage inventories.

NGI Morning Natural Gas Price & Markets Coverage

The August Nymex contract was off 0.9 cents to $2.700/MMBtu as of around 8:45 a.m. ET. September was down 0.9 cents to $2.693.

Ahead of the Fourth of July holiday, the front month skidded 8.9 cents lower on Monday to settle at $2.709. 

This came as “surging production added more than 2.0 Bcf/d of supply relative to a two-week stretch in mid to late June,” EBW Analytics Group analyst Eli Rubin said. 

Cooling degree days are poised to ease lower week/week heading into mid-July, driven by “widespread seasonal-to-cool temperatures expected to encompass the Midwest, East Coast...