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Natural Gas Futures Hit Reverse on Lack of Sustained Heat

Faced with further signs that strong heat this week won’t have staying power, natural gas bulls acquiesced to sharp discounts in the futures market Wednesday. Meanwhile, a weak spot market response to near-term forecasts showing some of the hottest conditions of the summer so far reinforced the bearish sentiment on the day; the NGI Spot Gas National Avg. slid 10.0 cents to $2.160/MMBtu.

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Milder Forecast Sends NatGas Futures Lower; Cash Mixed Despite Near-Term Heat

With forecasts showing milder temperatures later this month, and with the market assessing former Tropical Storm Barry’s full impact on the fundamentals, natural gas futures prices sold off Monday. In the spot market, Gulf Coast and Southeast locations saw mostly discounts as what remained of Barry moved inland; the NGI Spot Gas National Avg. eased 2.0 cents to $2.260/MMBtu. Read More