Weekly natural gas cash prices gave up substantial ground amid rising production and near-term forecasts for mild temperatures across much of the Lower 48.  

NGI’s Weekly Spot Gas National Avg. for the Sept. 6-9 period dropped $1.010 to $7.865/MMBtu. Cash prices fell each of the holiday trading week’s four sessions. The period was abbreviated because of the Labor Day holiday on Monday.

Conditions during the week were ripe for demand – with persistent summer heat across much of the Lower 48 and scorching triple-digit highs in California and the Southwest. But forecasts pointed to milder conditions in the week ahead and further into September.

At the same time, production topped 100 Bcf/d at points during the week, reaching highs for the year and easing concerns about...