Natural Gas Traders Unwind Long Positions, Send Forwards Prices Tumbling as Weather Forecasts Warm

摘要

Wrapping up one of the warmest Novembers in U.S. history, natural gas winter forward prices plunged during the Nov. 25-Dec. 2 period as the weather out- look for December grew milder, according to NGI’s Forward Look. January prices averaged 18.0 cents lower over the period, which included the extended Thanksgiving holiday, while the balance of winter (January-March) tumbled an average 16.0 cents. Losses extended through the rest of the curve but were less pronounced, with the summer 2021 strip (April-October) falling 6.0 cents on average and the winter 2021-2022 sliding 7.0 cents on average, Forward Look data showed.