Progress proved fleeting for natural gas futures, with prices slumping Friday amid weather demand uncertainty, elevated production and renewed Russian vows to ramp up supplies to Europe, a key destination for U.S. exports.

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At A Glance:

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

The December Nymex contract declined 35.8 cents day/day and settled at $4.791/MMBtu. January fell 36.5 cents to $4.880 on Friday. Futures had mustered momentum a day earlier – following losses the three prior days – only to resume the downward slide to close the week.

NGI’s Spot Gas National Avg., in contrast, advanced 9.5 cents to $4.690 as wintry conditions blew into the Midwest and were expected to push east over the weekend, fueling heating...