A steadily improving U.S. supply picture sealed the move lower for natural gas futures on Thursday. The November Nymex gas futures, already down early in the session, slid further after the latest government inventory report and settled at $5.115/MMBtu, off 5.5 cents from Wednesday’s close. December slid a steeper 10.1 cents to $5.346.

storage

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Spot gas prices put up more gains, but the majority of locations remained below the $5.000 mark. NGI’s Spot Gas National Avg. climbed 12.5 cents to $4.915.

With little change in the weather forecast, all attention in the futures market was squarely on the latest government inventory report. Ahead of the report, analysts were expecting a higher...