It was a bloodbath in the natural gas market at the close of the week, with production figures showing only a modest dip day/day and holding near highs. With the most intense heat throughout the first half of the month relegated out West, the October Nymex gas futures contract plunged 47.6 cents Friday to settle at $8.786/MMBtu. November futures fell 48.0 cents to $8.850.


On Tuesday morning, the October Nymex contract was down another 37.5 cents to $8.411/MMBtu at around 8:45 a.m. ET.

Spot gas prices also tumbled ahead of the extended Labor Day holiday weekend. NGI’s Spot Gas National Avg. slid 53.0 cents to $8.605.

Notwithstanding Friday’s nosedive throughout the Nymex futures curve – particularly for the winter months – market observers didn’t appear to be...