Dragged lower after a bearish government inventory report, natural gas futures plunged on Thursday after rallying more than 7.0 cents into the expiration of the June contract a day earlier.

eia storage may 21

At A Glance:

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

The July Nymex contract, in its debut as the front month, dropped 6.9 cents day/day and settled at $2.958/MMBtu. It had closed above $3.00 on Wednesday.

August also lost substantial ground, falling 6.7 cents on Thursday to $2.978.

NGI’s Spot Gas National Avg. shed 6.0 cents to $2.640 as temperatures cooled in the Upper Midwest and forecasts called for light demand this coming weekend. Natural gas trading on Thursday was for gas delivered Friday through Monday, May 31. Trading on Friday will...