Bears trampled prompt-month natural gas futures again on Tuesday, extending a losing streak that dates to last week. Production estimates declined from the prior day but remained elevated, while weather forecasts tilted slightly colder but pointed to only modest demand in the weeks ahead.

Natural Gas Prices

At A Glance:

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

The November Nymex gas futures contract fell 3.0 cents day/day and settled at $3.079/MMBtu. That followed declines in each of the four prior sessions.

NGI’s Spot Gas National Avg. gained 14.0 cents to $2.205, supported by price gains in the West.

Daily pipeline samples had shown output from the Permian Basin jumping to all-time highs – driving overall production to record levels above 103 Bcf/d...