Natural Gas Futures, Cash Prices Slide as Summer Heat Remains Elusive

Natural Gas Futures, Cash Prices Slide as Summer Heat Remains Elusive
A rise in production and the sting of bearish storage data sent natural gas futures prices another leg lower on Friday. The June Nymex gas futures contract closed the week at $2.906, off 1.9 cents day/day. July slipped 1.4 cents to $2.977.
Spot gas prices also softened across most of the United States, with early tropical activity dampening demand along the Gulf Coast. Though East Coast markets firmed a bit ahead of a coming heat wave, NGI’s Spot Gas National Avg. fell 4.5 cents to $2.645.
With the expected burst of heat arriving in the East forecast to be short lived, and weather models trimming overall demand from the 15-day outlook, natural gas prices couldn’t catch a break on Friday. NatGasWeather said it’s still forecast to be warm over Texas and the South May 28-June 3, but most of the rest of the country is expected to be comfortable with highs of upper 60s to mid-80s.

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