Natural gas futures fell Monday, kicking off the new month much in the way 2023 has gone so far – under pressure from strong production, modest weather-driven demand and stout storage supplies.

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At A Glance:

  • Prompt month sheds 11.9 cents
  • April weather to weaken demand
  • Production robust

The May Nymex gas futures contract settled at $2.097/MMBtu, down 11.9 cents day/day. June fell 13.2 cents to $2.333. The prompt month had recorded a gain Friday but overall lost 6% last week.

NGI’s Spot Gas National Avg., however, picked up 21.5 cents to $2.555 on increases in the volatile West.

Throughout the first quarter of this year – and again Monday — production held around 100 Bcf/d. That is near record levels of 102 Bcf/d and has fueled ongoing concerns that supplies could...