Natural gas futures plummeted on Monday, with a plethora of weak market signals – including the potential for five straight triple-digit storage injections – sending November prices as much as 46 cents below Friday’s close. The November Nymex contract ultimately settled Monday at $6.470/MMBtu, down 29.6 cents.

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At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

Spot gas prices recovered on Monday, led by large upward swings on the East Coast. NGI’s Spot Gas National Avg. climbed 21.5 cents to $4.750.

The losses in the futures market were fast and furious at the start of the week. The November Nymex contract opened Monday’s session at $6.800 but quickly lost ground as trading got underway.

Among the suite of bearish...