Natural gas futures on Wednesday dropped lower, following a decline the previous day, as traders mulled weather-driven demand, stagnated liquefied natural gas (LNG) levels, and the potential storage injection with the federal government’s pending report Thursday morning. 

EIA storage july 2

The August Nymex contract fell 4.1 cents day/day and settled at $3.596/MMBtu. September shed 3.4 cents to $3.574.

NGI’s Spot Gas National Avg. dipped 10.5 cents lower to $3.420.

Natural gas futures declined along with global energy commodities over the past two sessions, though a shift in the weather outlook may have added to the downward trend for gas, forecasters said.

Bespoke Weather Services said its outlook updated Wednesday showed a decline in gas-weighted degree day (GWDD) expectations. The...