Natural gas futures slipped early Monday as production returned to near all-time highs and weather models cooled a bit for late August. Though bulls stepped in to buy off session lows, the September Nymex gas futures contract settled at $8.728/MMBtu, off 4.0 cents from Friday’s close. October futures fell 3.2 cents to $8.712.

southeast basis curves

At A Glance:

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

Spot gas prices were mostly lower after the weekend, but California recorded stout gains on scorching, triple-digit temperatures. NGI’s Spot Gas National Avg. ultimately shed 1.0 cents to $8.350.

Cooler weather is set to continue into the latter part of August, with models backing off the amount of projected demand for the next 15 days. “Impressive”...