NYMEX September gas futures settled 4.3 cents lower Friday to $3.798/MMBtu as the market continues to witness strong storage injections in light of cooler-than-normal weather in large parts of the US and continued supply growth. “Natural gas remains well supplied with the May gross production number released yesterday showing a 6.2% year-over-year increase and storage injections running consistently above the five-year average benchmark rate,” said Tim Evans, analyst at Citi Futures Perspective. “However, the warming trend in the 11- to 15-day temperature forecast is at least something of a relative support within what remains a bearish fundamental trend,” he added. Aaron Calder, analyst at Gelber & Associates, also focused on the production report, adding that it “placed a damper on bullish enthusiasm.” “The current Northeast basis suggests, and the backward-looking production report confirms, that there is a ton of new production coming out of the Marcellus right now,” Calder […]