Natural gas futures continued to crumble in early trading Wednesday as an exceptionally mild late January forecast loomed large, overshadowing supply disruptions and demand impacts from recent frigid conditions across the Lower 48.

NGI Morning Natural Gas Price & Markets Coverage

After collapsing 41.3 cents in Tuesday’s session, the February Nymex contract was down another 10.3 cents to $2.797/MMBtu at around 8:45 a.m. ET.

The severe winter weather sweeping across the Lower 48 sent spot prices spiking late last week ahead of the long holiday weekend. However, prices fell back down to earth at most regions in Tuesday’s trading, and NGI’s Spot Gas National Avg. tumbled $10.550 day/day to $6.220.

Nymex futures also surged higher on Friday only to tumble back down to start the new work week. 

Trading last week ahead of...