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Market Watch: Nymex Falls to 14-Week Low
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September gas futures fell 4.8¢ Thursday to $2.64 per million Btu, a 14-week low for the prompt-month contract.
"Today’s fundamental balances remain relatively supportive in the near term, although forecasts show cooling demand easing as temperatures return toward seasonal norms later this month," Gelber & Associates said.
"With production projected to recover later in August and peak summer cooling demand nearing its seasonal decline, prices may struggle to sustain a rebound without a hotter forecast or stronger evidence of supply tightening."