Natural gas futures floundered on Wednesday as November took over as the front month and markets mulled waning weather-driven demand that could free up more domestic supply for storage ahead of winter.

At A Glance:

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

The November Nymex contract, in its first session as the prompt month, shed 40.3 cents day/day and settled at $5.477/MMBtu. December dropped 39.0 cents to $5.595.  

NGI’s Spot Gas National Avg. fell 16.0 cents to $5.255. Cash prices had advanced more than 80 cents over the two prior days.

The October natural gas contract, which rolled off the board with Tuesday’s close, had surged more than 70 cents in its last two trading days. Analysts noted that bulls this year have often...