September natural gas futures on Nymex failed to gain ground, paring gains early Wednesday on modest losses as fundamentals shifted and remaining weather support is expected to fade into the fall off-season.

Natural gas futures fluctuated in a narrow range of gains and losses for the second straight session on Wednesday, with the current month in negative territory in early afternoon as market participants weighed expectations for a sharp cooling of demand in late August and rising supply trends against expectations for a fall demand decline.

Permian Basin benchmark Waha cash prices are in a prolonged slump due to limited natural gas offtake capacity and oversupply and are unlikely to see any relief this summer. But a massive new pipeline is scheduled to come online this fall, releasing a wealth of associated gas and easing price pressures.

Natural gas futures traded in a narrow range early Wednesday as traders pondered favorable fundamentals for late summer in addition to fears of fall weather and the inevitable drop in demand that would come with it.

An early attempt by September natural gas futures on Nymex to extend the rally into Tuesday’s session failed amid expectations of weak demand as weather forecasts pointed to increasingly milder conditions in major natural gas-consuming regions.