The November NYMEX gas futures contract fell 49.8 cents between Monday and Wednesday, expiring Wednesday dramatically lower than where it started month. But some November basis swaps outpaced the NYMEX, gaining close to 60 cents in the three-day period and turning traditional basis relationships upside down as a result. November basis shifted more than 20 cents Wednesday alone, as the NYMEX contract spiraled downward 26.8 cents-before expiring at $4.289/MMBtu, down 87 cents from $5.16/MMBtu on October 20, after five days of declines since then.
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