NYMEX Natural Gas Futures Contract Prompt month Aug23 settlement -US$0.052/MMBtu at $2.657, low of $2.648, high of $2.793, traded range of $0.145. Summer 23 -$0.055 at $2.677, Winter 23 -$0.037 at $3.528.
Market Fundamentals Although prices attempted to climb upwards upon the market opened at 6PM yesterday, the return of traders this morning quickly led to a sell-off that lasted throughout the day. Prices are now 3% down from last Friday’s 17-week high. Holiday weekend production hit a new recent high, coming within 150 MMcf/d off the late-April 2023 record of 102.49 Bcf/d. Canadian gas production out west also pushed higher, reaching 17.9 Bcf/d on July 2. Demand remains strong compared to last year, but temperatures in the near term have removed some of the previously forecasted heat, leading to some further easing in prices.