Natural gas futures failed to sustain momentum through the week’s final trading session, losing ground amid fading cooling demand and signs of recovering production. The October Nymex gas futures contract settled at $2.644/MMBtu on Friday, down 6.4 cents day/day. 

At A Glance:

  • Storage surpluses declining
  • Weather demand easing
  • Production near 100 Bcf/d

NGI’s Spot Gas National Avg. dropped 15.5 cents to $2.270.

Production, dragged below 100 Bcf/d earlier in the week amid short-term maintenance work in the Permian Basin, climbed back above the century mark on Friday. It hovered within about 2 Bcf/d of 2023 highs, according to Bloomberg’s estimate.

NatGasWeather noted Hurricane Lee approached New England on Friday, veering far from any offshore U.S. production complexes...