Shrugging off weaker numbers in updated production estimates, natural gas futures pared their gains in early trading Tuesday as sweltering forecasts cooled somewhat. 

NGI Morning Natural Gas Price & Markets Coverage

The August Nymex futures contract was off 24.7 cents to $7.232/MMBtu at around 8:40 a.m. ET, cutting into the previous session’s 46.3-cent rally.

Updated domestic production estimates from Wood Mackenzie were showing a roughly 2.1 Bcf/d day/day decline as of early Tuesday, with total output down to around 95.4 Bcf/d. 

The day/day decline also reflected a roughly 1.4 Bcf/d upward revision to the prior day’s estimate, Wood Mackenzie analyst Laura Munder noted.

“The decline is concentrated in the Northeast, down around 1.1 Bcf/d at roughly 33.9 Bcf/d,” including declines of around 385 MMcf/d in...