Natural gas futures took a step lower Thursday after three straight days of gains, with production showing signs of recovery amid ongoing maintenance. Some loosening in the latest government inventory data also influenced pricing, sending the June Nymex gas futures contract down 45.1 cents to $6.888/MMBtu. July futures shed 44.2 cents to hit $6.994.

EIA natural gas storage

At A Glance:

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

Spot gas – which traded Thursday for gas delivery Friday and Saturday – also tumbled, despite lingering crisp weather in the eastern United States. NGI’s Spot Gas National Avg. dropped 50.0 cents to $6.570.

Bespoke Weather Services noted that with futures at levels not seen in more than a decade and extreme volatility ongoing...