Market Watch

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Nymex December gas futures continued to collapse Monday, losing 24¢ to $5.186 per million Btu. The contract has now fallen $1.01 since taking over as prompt month Oct. 28. A Gelber & Associates analyst suggests that a sizeable drop in forecasted heating degree days may be helping undermine the contract as it could add an additional 17 billion cubic feet of gas to storage through mid-November. However, range trading may also be at work as traders tested a $5 floor two weeks ago before reversing course and sending November off the board at $6.202/MMBtu. The 12-month strip fell 18¢ to $4.303; the 2022 calendar strip was off 17.3¢ to $4.217 (Futures contracts).

Gas Demand, Gas Inventories, Gas Supply, Gas Prices, Gas Pipelines
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