Mild temperatures and light heating demand intersected with surging production volumes to send weekly natural gas cash and futures prices lower.

NGI’s Weekly Spot Gas National Avg. for the Nov. 6-9 period – abbreviated by one session due to the Veteran’s Day holiday on Friday — dropped 79.0 cents to $2.010.

The December Nymex futures contract followed a similar path. It settled at $3.041/MMBtu to close trading Thursday, off 6.5 cents on the day and down 13.5% from the prior week’s finish.

“Traders have given up hope on this winter,” analysts at The Schork Report quipped, noting a lack of heating demand.  

Conditions during the week were defined by production that topped 105 Bcf/d and reached all-time highs, according to estimates from Wood Mackenzie.

The...