A narrowing Lower 48 storage deficit saw natural gas forwards ease lower during the Oct. 7-13 trading period, even as global supply anxieties continued to ripple through the domestic market.

Front-month forwards at benchmark Henry Hub closed out the trading period 8.7 cents lower week/week amid continued volatility in the market ahead of winter. The global natural gas outlook continued to set the tone for Henry Hub during the trading period.

“The market continues to price Nymex natural gas within the context of discounting a potential extreme winter driving a convergence between Nymex and global pricing,” analysts at EBW Analytics Group said in a recent research note. “A simple regression analysis suggests that, since the beginning of September,” price moves for the...