A “very weak demand” picture quickly sapped last week’s momentum for natural gas forward prices, with November contracts plunging an average 26.0 cents for the Sept. 24-30 period, according to NGI’s Forward Look. December on average dropped half as much. 

Unlike earlier in September when the 2020-2021 winter strip (November-March) remained largely immune to steep drops at the front of the curve, prices over the past week tumbled an average 13.0 cents. The summer 2021 strip (April-October) also fell, but losses were far less severe at an average 4.0 cents, and smaller declines were seen further out the curve.

With large fluctuations in liquefied natural gas (LNG) demand and moderate weather blanketing a large chunk of the Lower 48, volatility has been rampant along the...