Natural gas futures dropped lower on Tuesday amid profit-taking in the wake of the prior week’s robust rally. Festering concerns about stout supplies in storage also permeated markets.

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At A Glance:

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

After advancing 17% last week, the July Nymex gas futures contract settled at $2.492/MMBtu on Tuesday, down 14.0 cents day/day. August fell 15.1 cents to $2.570 to kick off the week’s regular trading following the Juneteenth holiday on Monday.

NGI’s Spot Gas National Avg. jumped 20.5 cents to $2.180, extending gains made over the course of last week amid mounting demand.

Tuesday’s futures decline marked the first in six regular sessions as bullish undercurrents continued to flow beneath...