Natural gas futures gave up ground on Tuesday as markets weighed a mixed weather outlook and new data pointing to both increased production and demand for U.S. liquefied natural gas (LNG) as the industry recovers from the impacts of Hurricane Laura.

PM Markets

The October Nymex contract settled at $2.400/MMBtu, down 18.8 cents day/day. November declined 9.5 cents to $2.892.

Spot gas prices, meanwhile, declined as weather turned cooler-than-normal across much of the country, while robust heat and wildfire risks in the West forced planned power outages across more than 20 California counties. NGI’s Spot Gas National Avg. fell 16.5 cents to $2.005.

The National Weather Service (NWS) said while extreme heat continues to permeate the Southwest and California, heightening wildfire and...