Natural gas futures quickly reversed course midweek after a bearish revision in production data and slightly weaker liquefied natural gas (LNG) demand sent prices tumbling. The September Nymex contract settled Wednesday at $2.152, down 1.9 cents day/day. October fell 1.4 cents to $2.297.

Natural Gas Storage Snapshot

Spot gas prices also softened as much of the heat that had engulfed the East Coast earlier this week was set to subside, leaving only the West with above-normal temperatures. NGI’s Spot Gas National Avg. slipped 4.5 cents to $1.990.

After last week’s surprising rally in the futures market, some volatility in the coming weeks was to be expected. Aiding Wednesday’s reversal, which was much steeper earlier in the day, was a revision in Tuesday’s top-day production estimates, which had...