Natural gas futures hovered in narrow range on Friday as traders weighed stout supplies against the potential for strong cooling demand deep into the summer season. The September Nymex gas futures contract ultimately settled at $2.577/MMBtu, up 1.2 cents day/day.  

At A Glance:

  • Front month gains 1.2 cents
  • Production near 101 Bcf/d
  • Weather outlook varies

It marked only the second gain of the week.

NGI’s Spot Gas National Avg. ticked up 7.5 cents to $2.570, supported by weather-driven demand in the West and South.

Production held just shy of 101 Bcf/d, down slightly on the day because of maintenance events in the Northeast, according to Wood Mackenzie. Still, output still held close to record levels in the 103 Bcf/d realm, even though rig counts dropped in recent...