In one of its last sessions as the lead contract, July natural gas futures spent a third day in retreat despite blazing heat and ongoing Middle East tensions, as a ceasefire between Israel and Iran was on shaky ground.
The prompt month futures contract settled down 16.1 cents at $3.537/MMBtu. The August contract, which was set to take the lead at the close of business on Thursday, finished Tuesday down 15.5 cents at $3.655.
NGI’s Spot Gas National Avg. slipped 39.0 cents to $2.945.
Proverbial breaths were being held Tuesday after the governments of Israel and Iran agreed to accept the terms of a ceasefire agreement brokered by the United States with the help of Qatar and announced by President Trump on Monday.
Several independent systems operators face reliability risks and increased price volatility during extreme heat events, especially in the early evening hours when demand peaks and solar generation declines.
Jonathan Lee, Manager, Energy & Sustainability Analytics Intelligence