Weekly cash prices gave up ground despite modest production and robust cooling demand across much of the Lower 48 that fueled several daily gains.

storage

NGI’s Weekly Spot Gas National Avg. for the June 13-17 period declined 94.5 cents to $7.565, dragged lower by an outsized loss on Tuesday tied to broader natural gas market sentiment that suddenly soured.

Cash prices that day slumped $1.370 in the wake of news that the liquefied natural gas (LNG) export project on Quintana Island, TX, Freeport LNG, won’t see a return to full service until late this year. The facility suffered a fire on June 8, and its protracted recovery likely means gas once destined for export will get injected into U.S. storage, alleviating supply concerns that had undergirded prices much of the spring.

On...