With forecasts hinting at moderating temperatures later this month, and with a tropical cyclone on track to impact Florida and the Southeast this week, natural gas futures extended their recent losses in early trading Wednesday.

NGI Morning Natural Gas Price & Markets Coverage

After plummeting 80.6 cents in the previous session, the December Nymex futures contract was off another 30.1 cents to $5.837/MMBtu at around 8:50 a.m. ET.

It’s possible the market has not yet fully accounted for the impact on balances resulting from a mild start to the heating season, impacts that could become more evident in upcoming Energy Information Administration (EIA) storage data, according to EBW Analytics Group.

“We reiterate our belief that the magnitude of recent warm weather — leading to weak spot prices and implying huge storage...