Natural gas futures continued to trade mostly sideways midweek, with no huge deviations in the supply/demand balance to decisively move prices one way or the other. Instead, expectations for another massive storage injection sent the November Nymex contract down 16.1 cents day/day to $6.435/MMBtu. December futures slipped 16.2 cents to $6.766.

At A Glance:

  • Another triple-digit injection on tap
  • No significant cold in models – yet
  • Cash rallies on early heating demand

Spot gas prices were sharply higher on Wednesday, driven by wet, chilly weather systems moving across the country. NGI’s Spot Gas National Avg. picked up 30.5 cents to $5.795.

While weather models continued to bring the two-week outage into clearer focus, Thursday’s government inventory report was expected...