Natural gas futures plunged Tuesday, as November opened its first full session as the prompt month amid demand skepticism and heavy selling.

PM market

With lofty storage levels, erratic liquefied natural gas (LNG) volumes and a weaker weather pattern in October, analysts had anticipated the rough start and cautioned that more pressure may lie ahead.  

The November Nymex contract settled at $2.561/MMBtu, down 23.4 cents day/day.

November, the first contract of the winter strip, “kicked off the season in unimpressive fashion,” analysts for the Schork Report said Tuesday.

December dropped 15.3 cents to $3.118.

Spot gas prices also declined as comfortable near-term weather conditions sapped cooling demand in the Midwest. NGI’s Spot Gas National Avg. fell 7.5 cents to $1.635.

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