Despite a benign government inventory report, natural gas futures fell a fourth consecutive session on Wednesday as traders contemplated unfavorable mid-range weather outlooks and the potential for a pullback in demand for U.S. exports.

Natural gas storage

At A Glance:

  • U.S. forecasts show weak start to winter
  • Russia ups gas supply to Europe
  • EIA prints 7 Bcf injection into storage

The December Nymex contract settled at $4.880/MMBtu, down 9.9 cents day/day and near a two-month low. January fell 9.6 cents to $4.974.

NGI’s Spot Gas National Avg. fell for a fifth straight session on Wednesday, dropping 27.5 cents to $4.415.

“Model projections heading into late month are quickly trending toward a Pacific pattern that is much less favorable for cold air delivery into the U.S, and in fact...