Natural gas futures floundered on Wednesday, continuing a topsy-turvy trading trend as market participants weighed continued strong supplies against robust – but varying – cooling demand and forecasts for more of the same.

At A Glance:

  • Front month sheds 6.5 cents
  • Analysts see smaller injection
  • Weather forecasts ease some

Following a 4.5-cent gain for the prior session, the August Nymex gas futures contract on Wednesday settled at $2.665/MMBtu, down 6.5 cents day/day. September fell 5.4 cents to $2.693.

NGI’s Spot Gas National Avg. jumped 18.0 cents to $3.115, propelled by surging demand and price spikes on both seaboards.

To be sure, near-term weather is bullish. NatGasWeather said Wednesday the Lower 48 would see “the hottest pattern of the past 40-plus years”...