Natural gas futures and cash prices tumbled Monday as forecasts doubled down on warmer weather into February, drowning out bullish vibes for an expected near-record storage draw print later this week.

At A Glance:

  • Forecasts point to warmer week 
  • Production reaches 101 Bcf/d
  • NGI models 320 Bcf withdrawal

The February Nymex gas futures contract fell 10.0 cents to settle at $2.419/MMBtu for its fifth straight decline and lowest close since mid-December. The low of the day at $2.311 marked a nearly exact dollar drop over five sessions from the Jan. 12 close.

NGI’s Spot Gas National Avg. tumbled $1.440 to $2.445. Declines were steepest in the Northeast, where temperatures are expected to warm up but remain in freezing territory into Wednesday. A mix of freezing rain and...