Natural gas futures extended a dramatic sell-off at the close of the week as global gas prices continued to slide and a mid-November warm-up was forecast for the Lower 48 following a bout of early-month cold. With production rising further and storage improvements continuing, the December Nymex contract tumbled 35.6 cents to $5.426/MMBtu. January slid 34.2 cents to $5.529.

forward prices

At A Glance:

  • European weakness drags U.S. prices lower
  • Mid-November still seen warmer than normal
  • South Central storage rapidly improving

Spot gas, which traded Friday for gas delivery on Monday, also faltered again. NGI’s Spot Gas National Avg. dropped 31.0 cents to $5.080.

After Thursday’s 41.6-cent plunge at the front of the Nymex curve, futures’ early slide was a bit surprising. However, U.S....