Natural gas futures crept higher Tuesday amid estimates that showed sliding production and strengthening LNG exports. But an increasingly bearish weather outlook kept gains in check.

Midwest Prices

At A Glance:

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

The May Nymex gas contract on Tuesday eked out a gain of nine-tenths of a cent day/day and settled at $2.106/MMBtu. June rose 1.1 cents and closed at $2.344. The prompt month had lost 11.9 cents on Monday.  

NGI’s Spot Gas National Avg. ticked down a half-cent to $2.550.

Marex North America LLC’s Steve Blair, senior account executive, told NGI that volatile trading may lie ahead, given maintenance work and the potential for weather surprises. However, downward price pressure looked to prevail in...