The NYMEX July natural gas futures contract weakened Monday, as US dry gas production continued to tick higher over the weekend, reaching a record high of 79.8 Bcf Sunday. The front-month contract settled 2.2 cents lower at $2.923/MMBtu after trading in a range between $2.897/MMBtu and $2.943/MMBtu. “There is a huge amount of gas coming out of the ground and there are expectations that production will remain strong in the next half of the year,” said Gene McGillian, senior analyst at Tradition Energy. Total US dry gas production was expected to be 79.4 Bcf Monday after averaging 79.8 Bcf/d over the weekend, according to S&P Global Platts Analytics. In addition to this new high, Friday through Sunday marked the top three days for US production on record. These highs are due to increases in Northeast output and also from rebounding Rockies supplies. Production is estimated to stay flat at […]