• Erratic liquefied natural gas volumes and a weaker weather pattern weighed on markets
  • With lofty storage levels, analysts said more pressure may lie ahead
  • Spot prices sputtered as comfortable weather sapped demand in the Midwest

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

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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...