In a quieter session on Tuesday, natural gas futures failed to sustain early gains as traders took profits. The July Nymex gas futures contract settled at $9.293/MMBtu, off 2.9 cents on the day. August futures slipped 2.8 cents to $9.278.

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At A Glance:

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

Spot gas prices moved higher again, with triple-digit temperatures creeping across Texas and much of the South. NGI’s Spot Gas National Avg. rose 30.0 cents to $8.865.

Despite a late sell-off along the Nymex futures curve, the background state remained supportive and trended slightly more bullish based on the latest data. On the weather front, the forecast trended slightly hotter for the June 14-17 period, boosting national gas demand as strong...