November natural gas futures on Wednesday faltered for the first time in seven sessions as traders booked profits and bulls took a breather ahead of the next potential market catalyst – Thursday’s government inventory report.

At A Glance:

  • Modest injection anticipated
  • Production close to 101 Bcf/d
  • Mixed weather-demand view

The November Nymex gas futures contract settled at $3.377/MMBtu, down a half-cent day/day. December declined a tenth of a cent to $3.658.

NGI’s Spot Gas National Avg. shed 13.0 cents to $2.385.

Production hovered near 101 Bcf/d, according to Bloomberg’s estimate Wednesday. That was down more than 1 Bcf/d from 2023 highs, but up from recent lows below the century mark amid maintenance events in the Permian Basin and in Appalachia.

The lower...