Natural gas futures extended a dramatic sell-off at the close of the week as global gas prices continued to slide and a mid-November warm-up was forecast for the Lower 48 following a bout of early-month cold. With production rising further and storage improvements continuing, the December Nymex contract tumbled 35.6 cents to $5.426/MMBtu. January slid 34.2 cents to $5.529.

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At A Glance:

  • Mid-November warm-up expected
  • European gas prices stumble again
  • South Central storage rapidly improving

Spot gas, which traded Friday for gas delivery on Monday, also faltered again. NGI’s Spot Gas National Avg. dropped 31.0 cents to $5.080.

After Thursday’s 41.6-cent plunge at the front of the Nymex curve, futures’ early slide was a bit surprising. However, U.S. prices took their cue...