A persistently mild forecast continued to grip U.S. natural gas forwards markets during the Nov. 4-10 period, extending losses across the curve as supply neared pre-pandemic highs. December prices plunged an average of 97.0 cents, with losses upward of $2.00/MMBtu in the Northeast amid the comfortable weather pattern and weak cash pricing, NGI’s Forward Look data showed.

The deep price cuts extended through the winter, with January averaging 95.0 cents lower during the period and the balance of winter (December-March) off an average 91.0 cents, according to Forward Look. In addition to the dramatic decreases in the Northeast, declines along the California forward curves also were noteworthy following a vote by state regulators to increase interim storage levels at the Aliso...