July natural gas futures touched $3.200/MMBtu early Thursday, but government storage data confirming a continuation of loose balances quickly drained momentum. The July Nymex contract ultimately settled at $3.149, up only 2.0 cents day/day. August climbed 2.2 cents to $3.166.

EIA storage june 4

At A Glance:

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

Spot gas prices continued to weaken in some areas of the United States, with the only significant heat remaining in the central and southern United States. Gains in those regions, and pockets of small increases elsewhere, lifted NGI’s Spot Gas National Avg. by 3.0 cents to $2.900.

With weather models continuing to reflect only minor changes in recent runs, Thursday’s storage data was seen as the main...