Natural gas futures on Wednesday soared more than 10 cents early, then retreated into negative territory before flattening out and edging back up at the close of trading. The roller coaster action developed amid a decline in production and estimates for a relatively light storage increase, as well as an evolving weather picture and the potential for a hurricane.

At A Glance:

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

The September Nymex contract ticked up one-tenth of a cent day/day and settled at $3.897/MMBtu, following a 4.9-cent drop a day earlier. October on Wednesday advanced nine-tenths of a cent to $3.925.

NGI’s Spot Gas National Avg. jumped 15.5 cents to $4.150. Cooling demand has been strong this week and forecasts called for...