Natural gas futures treaded water on Friday as traders continued to digest the latest inventory data. With mostly moderate weather outside of California and Texas keeping demand in check, the September Nymex gas futures contract closed out the week at $2.770/MMBtu, up only seven-tenths of a cent on the day.

At A Glance:

  • Storage data not all bearish
  • Heat could further trim surpluses
  • Cash softens on storms

Spot gas prices were lower everywhere except the Northeast. NGI’s Spot Gas National Avg. fell 9.5 cents to $2.630.

Fresh off a steep 19.6-cent decline, futures were under pressure early in Friday’s session. On the bearish side, major weather models have remained at odds over how much heat would be in the forecast for the remainder of August. The European model has...