US December gas futures plunged into the low $3.30s last week as mild weather persisted in the major eastern US markets and natural gas storage hit a record high. None of the contracts in the 12-month strip are now sporting a $4 handle and most are well under that mark. However, even while industry observers expect storage injections to continue into late November, there is a growing feeling that prices should be bottoming out and a price rebound is imminent.
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