Natural gas futures action remained choppy midweek, with prices falling in sympathy with a broader decline in commodities early in the session rather than in response to major swings in supply and demand. Aided by a bit of technical resistance, the September Nymex gas futures contract settled Wednesday at $4.059/MMBtu, off 3.0 cents day/day. October slid 3.2 cents to $4.071.

At A Glance:

  • U.S. EIA reports an on-target 49 Bcf injection into natural gas storage inventories for the week ending Aug. 6
  • Cash softens; Transco starts work in Texas
  • Weather forecasts remain intact

Spot gas prices also declined across much of the country. However, big gains continued in the Northeast and parts of California, sending NGI’s Spot Gas National Avg. up another 3.0 cents to $4.145.

With the...