Natural gas futures tumbled further on Tuesday as traders looked past robust demand for U.S. exports and fixated on exceptionally light domestic weather demand expectations heading into December. The January Nymex contract dropped 28.7 cents day/day and settled at $4.567/MMBtu. February fell 26.2 cents to $4.506.

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At A Glance:

  • Forecasters call for warm December
  • Production near 2021 highs
  • Cash prices sputter in East

The January contract, in its debut as the prompt month on Monday, plunged 62.3 cents.

NGI’s Spot Gas National Avg. shed 49.0 cents to $4.465.

“The likelihood of further declines later this week” for futures “remains elevated as daily demand plunges and the spot market weakens,” said EBW Analytics Group senior analyst Eli Rubin. The “dwindling of...