Natural gas futures fluctuated Tuesday as traders assessed an inconsistent production recovery, a mixed domestic weather outlook, ongoing uncertainty in Europe and the looming expiration of the June contract. The June Nymex gas futures contract ultimately settled at $8.796/MMBtu, up 5.2 cents day/day. It had gained 66 cents a day earlier.

California Prices

At A Glance:

  • Production at 96.5 Bcf/d
  • Uneven weather outlook
  • Storage situation improves

The July contract ticked up nine-tenths of a cent to $8.836 on Tuesday. June rolls off the books as the prompt month on Thursday after options expiration on Wednesday. Futures have typically proved volatile ahead of expiry this year.

NGI’s Spot Gas National Avg. advanced 52.0 cents to $8.415.

Despite the back-and-forth in trading Tuesday, bulls...