Natural gas futures were trading sideways early Monday amid wavering weather forecasts and robust supplies.

Morning Markets

Coming off a 9.8-cent loss Friday, the July Nymex gas futures contract was down a half-cent at $2.249/MMBtu at around 8:45 a.m. ET.  

NatGasWeather said weekend forecasts called for strong heat this week in the South, followed by more widespread summer weather across the Lower 48 later in June. However, weather data early Monday showed the intensity of heat easing some from weekend forecasts, leaving the outlook less bullish than before, the firm said.

Prices declined on Friday following a government inventory report that showed stout supplies in storage and relatively light demand to start June.

Utilities injected a net 104 Bcf natural gas into storage for the week...