Natural gas prices fell Friday as concerns about an uptick in production put pressure on the market. Contracts for September delivery recently fell 4 cents, or 1.6%, to $2.790 a million British thermal units on the New York Mercantile Exchange, on track to end the week at a loss. On Thursday, prices had briefly spiked after the U.S. Energy Information Administration said storage levels shrank by 6 billion cubic feet of gas in the week ending July 29. It was the first drawdown in a summer week since August 2006, and many analysts and traders had expected natural gas to rally after the unexpected withdrawal. The fact that prices instead ended lower for the day, and looked on course to notch another session of losses, confused some traders. “Natural gas loves irony,” said Scott Shelton, a broker at United-ICAP. “It loves to fall when it looks most bullish.” Despite […]