Natural gas futures teetered between modest gains and losses early and then dropped Thursday, despite a weak storage injection and lower production that left markets to mull the possibility of light supplies for the coming winter. In its first session as the prompt month, the September Nymex gas futures contract settled at $8.134/MMBtu, down 42.0 cents day/day. October shed 40.8 cents to $8.118.

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

NGI’s Spot Gas National Avg. fell 27.5 cents to $8.295.

The U.S. Energy Information Administration (EIA) on Thursday reported an injection of 15 Bcf natural gas into storage for the week ended July 22. The result fell below already modest expectations. However, despite an immediate boost...