Natural gas futures took a breather Wednesday following a two-day rally at the front of the curve that lifted the prompt-month contract amid technically oversold conditions. Despite some intraday volatility, the November Nymex contract closed out Wednesday’s session at $5.606, off only seven-tenths of a penny from Tuesday’s close. December natural gas futures slipped 4.7 cents to $6.119.

At A Glance:

  • Cold still absent from forecasts
  • Storage build seen near-normal
  • Brief snow in Rockies lifts cash

Spot natural gas prices were mostly stronger amid a brief spike in heating demand. NGI’s Spot Gas National Avg. tacked on 10.0 cents to $4.645.

Given that Wednesday’s price declines along the Nymex curve were not that significant, the midweek move is likely more a pause than...