Natural gas futures on Friday fell a second consecutive day and for the fourth time in a dismal week for bulls. Elusive demand – both domestic weather-driven consumption and lower calls for LNG – intersected with strong production levels to keep prices in check.
At A Glance:
- Weak consumption prevails
- Production tops 100 Bcf/d
- Strong storage perseveres
The June Nymex gas futures contract dropped 12.6 cents day/day and settled at $2.181/MMBtu on Friday before rolling off the books as the prompt month. July, which takes over at the front of the curve on Tuesday, fell 5.9 cents to $2.417. The June contract lost ground in five of its final six sessions.
Under pressure through most of the week, NGI’s Spot Gas National Avg. shed another 26.5 cents on Friday to $1.580. Spot...