Natural gas futures extended their recent losses in early trading Tuesday as considerable weakness in the weather-driven demand outlook continued to weigh on prices. After plummeting 42.1 cents in the previous session, the November Nymex contract was down 9.9 cents to $4.890/MMBtu at around 8:45 a.m. ET.

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The front month probed back above the $5 mark in after hours trading, going as high as $5.054, but was unable to hold at those levels. 

November appears headed for a test of support around $4.86, potentially lower, according to analysts at EBW Analytics Group. This could occur “as soon as later today,” the analysts said.

Weather-driven demand has been “crumbling,” with the firm estimating a 12 Bcf drop in cumulative demand for the second and third upcoming storage...