Natural gas bears extended their streak to four on Wednesday, slashing futures prices even further amid renewed disagreement in the models regarding a late-October weather system as well as lofty production. The November Nymex gas futures contract settled at $5.462/MMBtu, down 28.3 cents on the day. Notably, steep double-digit losses extended through all of 2023.

At A Glance:

  • Mild temps seen through early November
  • Storage deficit could be erased
  • Cash prices implode on warm-up

Spot gas prices were sharply lower across the board as this week’s cold snap was seen thawing shortly. NGI’s Spot Gas National Avg. plummeted 53.5 cents to $5.210.

That futures prices have declined for four straight sessions is significant given much of the United States is in the middle of a cold...