Natural gas futures careened on Wednesday amid profit-taking and expectations for a relatively plump storage increase for mid-November. The December Nymex contract dropped 36.1 cents day/day and settled at $4.816/MMBtu. January fell 35.6 cents to $4.914.

NGI Storage Model

At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

NGI’s Spot Gas National Avg. shed 18.5 cents to $4.845.

The prompt month had advanced more than 38 cents over the first two trading sessions of the week, buoyed by European supply concerns and hints of winter cold that could fuel stronger heating demand.

But traders concluded the rally was overcooked, particularly with analysts expecting a solid storage injection that would reflect light demand so far in November.

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