PLATTS: NYMEX August gas falls sharply to trade at $2.749/MMBtu reversing gains
The NYMEX August natural gas futures contract fell sharply during early morning trading, erasing Thursday's gains.
The August contract jumped 3.6 cents Thursday after traders reacted to a government storage report that showed injections toward the low end of analyst expectations.
NYMEX August was trading at $2.749/MMBtu at 7:27 am EDT (1127 GMT), down 7.3 cents from Thursday's settlement price of $2.822/MMBtu after trading in a range between $2.736/MMBtu and $2.787/MMBtu.
The National Weather Service in its eight- to 14-day outlook calls for an elevated probability of above-average temperatures across the Southeast, portions of the West and Pacific Northwest. Below-average temperatures are forecast for portions of the Northeast, upper Midwest as well as parts of Colorado, Utah, Arizona and New Mexico.
According to Platts unit Bentek Energy, total US dry gas production is expected to average 72.5 Bcf/d over the next seven days, an increase of 3.8 Bcf/d over the same period last year.
