A sub-triple-digit storage injection couldn’t prevent another drop in natural gas futures on Thursday, the second in a row. Instead, reduced intensity in projected June heat sent the July Nymex gas futures contract down 3.4 cents to $3.041. August slipped 3.5 cents to $3.059.

eia storage may 28

At A Glance:

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

Spot gas prices reversed course, giving back some of the previous days’ gains. NGI’s Spot Gas National Avg. fell 10.5 cents to $2.745.

Nymex futures fell early in Thursday’s session as traders took a cue from the latest weather models, which showed less projected demand for the next two weeks. Specifically, the American and European models shifted the expected heat into the Rockies and Plains toward...