Natural gas futures extended their losses on Monday as cold weather remained largely absent from long-range forecasts. Despite higher global prices, the November Nymex gas futures contract plunged 42.1 cents to settle at $4.989/MMBtu. December dropped 36.4 cents to hit $5.236.

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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 also continued to slide, with NGI’s Spot Gas National Avg. slipping 15.5 cents to $4.955.

Though still weeks away from winter, even brief blasts of chilly air have been hard to come by. Weather models over the weekend flipped back and forth, but overall maintained a bearish outlook into early November. A brief cold front is forecast to sweep across the Great Lakes and Northeast this coming...