Natural gas futures edged up early Wednesday as traders mulled an increasingly hot June forecast against a projected hefty storage build. Though briefly moving into the red, the July Nymex gas futures contract settled Wednesday at $3.129, up a mere one-tenth of a cent on the day. August climbed four-tenths of a cent to $3.144.

EIA storage june 4

At A Glance:

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

Spot gas prices were mixed as cooler weather hit the East Coast, while areas along the Gulf Coast continued to bake. NGI’s Spot Gas National Avg. slipped 7.5 cents to $2.870.

With liquefied natural gas (LNG) feed gas demand still rather “uninspiring” because of ongoing maintenance, the current heat wave in Texas and along the Gulf Coast was the primary...