Armed with a cooling weather forecast and a new production high over the weekend, natural gas traders initially sent September futures lower as the calendar flipped to August. However, midday weather models showing more heat for the East Coast quickly reversed the course for September Nymex gas futures. The prompt month settled 5.4 cents higher at $8.283/MMBtu. October futures moved up 5.2 cents to $8.260.

california gas storage

At A Glance:

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

Spot gas prices extended their losses from late last week amid showers tracking across the Midwest and eastern United States, which kept a lid on temperatures. NGI’s Spot Gas National Avg. fell 19.0 cents to $8.140.

Futures action was fast and furious Monday, with September...