Weather dominated natural gas forward price action for a third consecutive week, sending prices through the winter lower despite record export demand and cuts to production, according to NGI’s Forward Look. However, losses were less severe than the prior two weeks, and prices stabilized a bit for the summer 2021 strip (April-October) and beyond, with small gains seen at several U.S. market hubs.

After a chilly October, winter weather has failed to materialize in a meaningful way, with only brief periods here and there of truly cold weather. November was the fourth warmest on record, and December could land in the top 10 warmest months amid a sea of red across weather maps.

Nymex futures plunged on Dec. 7, with the January contract dropping to a $2.381 intraday low before going...