Natural gas futures trended lower through early August, losing ground last week and again Monday as ample supply and technical factors kept prices hovering around the $3.00/MMBtu level and upward momentum elusive.
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The September New York Mercantile Exchange gas futures contract settled at $2.954 on Monday, down 3.6 cents on the day. It slid further early Tuesday. The prompt month shed more than 9.0 cents during the first full week of August, though it briefly rallied at some points on bullish export and storage readings.
“The price movement during the week reflected technical selling – triggered by the $3.00 level – robust production, a rebound in LNG feed gas flows, and an optimistic weekly storage report,” said BMO Capital Markets analyst Randy Ollenberger.