Weekly natural gas cash prices lost ground for the third time in May, hampered by strong supply levels and weak demand across much of the Lower 48.

NGI’s Weekly Spot Gas National Avg. for the May 22-26 period fell 14.0 cents to $1.910.

Conditions during the covered period were fundamentally unfavorable for bulls: Production held strong around 100 Bcf/d – near the high point of 2023 – and weather-driven demand proved elusive amid mild temperatures in most regions.

As the trading week closed, leading decliners included PG&E Citygate, down 70.5 cents to $3.220, and SoCal Citygate, off 32.0 cents to $2.115.

Elsewhere, price retreats were less pronounced but still widespread. Columbia Gas, for one, shed 16.0 cents to $1.730, while Henry Hub gave up 12.5 cents to...