Spot natural gas prices softened during the Aug. 31-Sept. 2 trading period, with heavy rains and less intense heat spreading across the Lower 48. The West Coast was the only exception, and the region recorded huge spikes as California baked under triple-digit temperatures. NGI’s Weekly Spot Gas National Avg. fell 11.0 cents to $8.875/MMBtu.

Futures prices also caved as production held near all-time highs and storage data confirmed looser balances. Whether bears have finally gotten the upper hand in the market remains to be seen, but the October Nymex futures contract settled Friday at $8.786, down 55 cents from Monday’s close.

With the long Labor Day weekend ahead, prices moved decidedly lower as heavy rains were expected to douse some plans for backyard grilling. But hot...