Natural gas futures nosedived on Monday on forecasts for benign weather into December and worries about the possible effects of a new coronavirus variant on energy demand.

storage snapshot

At A Glance:

  • LNG export volumes weaken
  • Cooling demand dissipates
  • Production slips in Permian

The January Nymex contract, on its opening day as the prompt month, dropped 62.3 cents day/day and settled at $4.854/MMBtu. February fell 59.6 cents to $4.768.

NGI’s Spot Gas National Avg. ticked up 1.0 cent to $4.955, despite price declines in the Rocky Mountains and across the West.

Summer heat that spilled into autumn fueled strong demand this year as gas-fired power plants worked overtime to keep air conditioners running. Freezing winter conditions would ignite heating demand and get furnaces cranking. At...