Weather models apparently haven’t gotten the memo that it’s actually December. A mild outlook for the rest of the year shifted even warmer overnight, further pressuring natural gas futures prices on Tuesday. After briefly moving into positive territory, the January Nymex gas futures contract settled at $5.469/MMBtu, down 10.8 cents day/day. February slid 10.6 cents to $5.378.

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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 were mixed, with NGI’s Spot Gas National Avg. slipping 5.0 cents to $5.805.

Even after shedding a monstrous amount of heating demand from the 15-day weather outlook, models have yet to show with certainty any significant cold returning to the Lower 48 before the end of the year....