As if Wednesday’s 10-cent decline wasn’t enough, another warmer shift in the latest weather models sent January natural gas futures into a freefall early Thursday. A huge bearish miss on the latest storage data hammered the final nail in the coffin, with the January Nymex contract settling the day 27.3 cents lower at $2.507. February plunged 26.3 cents to $2.515.

EIA storage nov 27

Spot gas prices also tumbled, with losses upward of 60.0 cents in the Northeast. NGI’s Spot Gas National Avg. dropped 23.0 cents to $2.475.

The warning signs started to blink “double barrel red” on Wednesday, when the market fell 3.47% to $2.780 after trading as high as $2.934 earlier in the session, according to Mizuho Securities USA’s Robert Yawger, director of Energy Futures. The warmer forecast for the...