Natural gas futures extended their losses for a third straight day as weather models continue to portray a pattern that is more reflective of springtime conditions than winter. After shedding more than 90 cents over the previous two sessions, the January Nymex gas futures contract plunged another 30.9 cents to settle at $4.258/MMBtu.

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At A Glance:

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

Spot gas prices also continued to retreat amid the mild temperatures in place across most of the United States. NGI’s Spot Gas National Avg. fell 39.5 cents to $4.070.

In a market where weather trumps everything, models continue to struggle to show any meaningful cold through the middle of the month, and possibly longer. Bespoke Weather...