A steep sell-off early in the Oct. 28-Nov. 3 period because of generally unsupportive weather sent natural gas forward prices tumbling by double digits. December forward prices plunged an average 17.0 cents, while the balance of winter (December-March) slid 16.0 cents, according to NGI’s Forward Look.

Summer (April-October) prices also softened, but losses were smaller and averaged only 8.0 cents as storage inventories in the United States have improved dramatically over the past two months. At the same time, weather forecasts continue to kick sustained cold weather down the road, setting up an adequate supply trajectory through the winter season that would lessen the urgency in restocking next summer.

Despite the lack of widespread cold in the Lower 48, forecasts do show at...