Nymex natural gas futures, led now by the August contract, failed to hold onto early price gains amid weakening demand ahead of the holiday weekend. The August Nymex futures contract settled at $6.498/MMBtu, down 7.2 cents on the day. September futures slipped 6.4 cents to $6.493.

At A Glance:

  • Models still point to hot July
  • Storage deficits seen holding
  • Cash rallies as temperatures rise

Spot gas prices posted moderate gains amid rising temperatures, particularly on the East Coast. NGI’s Spot Gas National Avg. climbed 13.0 cents to $6.610.

After two days of upside, Wednesday’s modest retreat along the Nymex futures curve failed to reflect any meaningful changes in factors driving the gas market.

Weather models maintained a hot pattern in the first half of July over...