In another stunning move, natural gas futures plummeted further on Tuesday as the current cold snap hitting the Lower 48 – expected to dissipate by week’s end – appears to be falling short in drumming up demand. 

U.S. gas in storage

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Traders also brushed off a huge decline in natural gas production given most of it was tied to maintenance work. The November Nymex futures contract settled at $5.745/MMBtu, down 25.4 cents day/day and bringing the two-day loss to 70.8 cents.

Spot natural gas prices were mostly higher with another couple of days of chilly weather in the forecast. NGI’s Spot Gas National Avg. tacked on 14.5 cents to $5.745.

Funny how weather dominates natural gas trading even...