Natural gas futures on Tuesday dipped lower, as traders took profits and mulled the possibility of eased near-term weather-driven demand following a punishing heat wave that permeated much of the country in late June and early this month. 

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At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

The August Nymex contract shed 6.3 cents day/day and settled at $3.637/MMBtu. The prompt month had advanced nine straight sessions prior to Tuesday — a span when robust cooling demand propelled prices. September fell 6.0 cents to $3.608 on Tuesday.

Cash prices, meanwhile, held strong on Tuesday after overall gains last week. NGI’s Spot Gas National Avg. advanced 15.5 cents to $3.525.

The latest weather outlook was essentially on par with...