Natural gas futures floundered for a third consecutive session on Wednesday, dragged lower by weaker demand, rebounding production and expectations for robust storage injections. The June Nymex gas futures contract settled at $2.170/MMBtu on Wednesday, down 4.4 cents day/day. July declined 5.7 cents to $2.360.

At A Glance:

  • Prompt month sheds 4.4 cents
  • Analysts see 50s Bcf storage increase
  • Production rebounds day/day

The prompt month had dropped 19.6 cents over the course of trading Monday and Tuesday.

Fresh weakness in cash markets also factored into the Nymex futures losing streak. NGI’s Spot Gas National Avg. fell 17.5 cents on Wednesday to $1.845. It marked a second straight day of losses.

After slipping below the century mark early in the week on maintenance events...