Natural gas futures fizzled on Monday, giving up ground as forecasts pointed to mild May weather and as production held at stout levels. The June Nymex gas futures contract settled at $2.318/MMBtu, down 9.2 cents day/day. The prompt month had gained 5.5 cents on Friday. The July contract on Monday shed 8.0 cents to $2.498.

At A Glance:

  • National demand to drop in May
  • Production holds near 100 Bcf/d
  • Stout storage injections forecast

NGI’s Spot Gas National Avg. ticked up 3.0 cents to $2.115 amid a bump in near-term demand that was expected to last a few days before quickly fading.

Production hovered around 100 Bcf/d to start the week, not far from record levels. Meanwhile, weather-driven demand looked to shift from seasonally elevated early in May to exceptionally weak by...