With a milder early December pattern in the latest forecasts arresting the market’s pre-Thanksgiving bullish momentum, natural gas futures were down sharply in early trading Monday.

NGI Morning Natural Gas Price & Markets Coverage

The expiring December Nymex contract was down 42.3 cents to $6.601/MMBtu at around 8:40 a.m. ET. Around the same time, January was off 27.6 cents to $7.054. 

Declines were even heftier when compared to pre-holiday trading. After surging higher ahead of the Thanksgiving holiday, futures retreated in Friday’s session, with the January contract tumbling 37.8 cents to settle at $7.330. 

Prices continued to move sharply lower early Monday as analysts pointed to updated forecasts that advertised markedly less weather-driven demand compared to pre-Thanksgiving expectations.

As of early Monday, the...