As the market factored in warmer forecasts that hinted at milder temperatures returning in mid-November, natural gas futures retreated in early trading Tuesday. After probing as high as $6.091/MMBtu in after hours trading, the November Nymex contract was back down at $5.742 at around 8:50 a.m. ET, off 15.6 cents from the prior day’s settle.

NGI Morning Natural Gas Price & Markets Coverage

The November contract is coming off an “eye-popping move higher” in Monday’s session as forecasts over the weekend raised the prospect of “colder weather amplifying early-winter risk premiums,” analysts at EBW Analytics Group observed.

A 0.5 Bcf/d day/day decrease in projected weather-driven demand for the Nov. 5-11 time frame was contributing to price declines early Tuesday, with modeling hinting at a “potential mid-November...