Natural gas futures floundered once again, this time under the heavy weight of a surprisingly bullish government inventory report that indicated supplies remain stout alongside robust production and mild autumn weather.

At A Glance:

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

The November Nymex gas futures contract settled at $2.957/MMBtu, down 9.9 cents day/day. It marked a seventh-straight loss. December dropped 13.7 cents to $3.326.

NGI’s Spot Gas National Avg. slipped 11.5 cents to $2.290.

Production on Thursday held steady with prior sessions this week at 102.5 Bcf/d. That was within striking distance of record levels just above 103 Bcf/d in Bloomberg’s estimates. The elevated supply levels were manifested in the latest Energy...