Widespread Warmth for Late January, Early February Crushes Natural Gas Futures

As exceptional warmth from updated forecasts dispelled hopes for a more impressive follow-up to this month’s winter blast, natural gas futures continued to crumble early Monday.

The February Nymex contract was down 14.1 cents to $2.378/MMBtu at around 8:51 a.m. ET. March was off 12.5 cents to $2.127.

The latest forecast from Maxar’s Weather Desk added to an already warm outlook for the Lower 48 for the first five days of February.

“The forecast trends additionally warmer for the 11- to 15-day period, with above normal temperatures being widespread in coverage,” Maxar said. “This includes much and strong aboves for a large part of the Eastern Half within the period composite.”

Warmer than normal temperatures are also likely to be widespread for days six through...