Natural gas futures slumped Thursday after a bearish government inventory report showed gas in storage grew faster than expected in early November, underscoring the effect of record production levels amid a mild start to winter to draw out the bears.

At A Glance:

  • EIA prints 154 Bcf withdrawal 
  • Warmth to follow weekend cold
  • Production nears 98 Bcf/d

The December Nymex natural gas futures contract settled at $3.062/MMBtu, down 12.8 cents day/day. 

NGI’s Spot Gas National Avg. shed 11.5 cents on Thursday to $2.930. The benchmark has pulled back for two days after it briefly rose above the $3.000 level on Tuesday.

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