Buckling under the weight of one triple-digit shoulder season storage injection after another, natural gas forwards sold off sharply during the Oct. 13-19 trading period, NGI’s Forward Look data show.

Regional forwards price action from coast to coast reflected a market reconsidering the extent of winter upside risks in light of a rapidly shrinking inventory deficit. Fixed prices for November delivery at benchmark Henry Hub sank 97.3 cents to $5.467/MMBtu for the period. 

Numerous Mid-Atlantic and Northeast hubs saw losses of $1-plus. Algonquin Citygate November fixed prices plummeted $2.562 to $7.584. Basis differentials at the New England hub shed $1.589 week/week to end at plus-$2.122.

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