Natural gas futures cratered Monday, hammered by soaring natural gas production and a lack of weather-driven demand.

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The January Nymex natural gas contract settled 15.0 cents lower at $2.431/MMBtu. The front-month reversed earlier losses to a $2.294 intraday low. February careened 15.4 cents to end at $2.350.

NGI’s Spot National Avg. climbed 8.5 cents from Friday to $2.405. Prices varied at hubs across the country with weather providing mixed support.

Bearish momentum intensified Monday with revised weather forecasts that implied last week’s lower daily demand trend would continue.

NatGasWeather said Monday both the Global Forecast System and European Centre weather models were nearly 100 heating-degree days warmer than normal for the following 15 days.

Temperatures...