Natural gas futures advanced most of Thursday, bolstered by a modestly bullish storage print and lighter production. But with new demand drivers proving elusive, the June Nymex gas futures contract ultimately petered out and settled at $2.190/MMBtu, down one tenth of a cent day/day. July ticked up nine-tenths of a cent to $2.345.

At A Glance:

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

Cash prices traded in a narrow range as well, with NGI’s Spot Gas National Avg. up 2.5 cents to $1.685.

Production held just shy of 100 Bcf/d on Thursday – down from recent highs around 102 Bcf/d. Output has been held in check by maintenance events in the Northeast and the Permian Basin. While expected to be temporary, this effectively offset benign...