A brief rally on Monday was followed by heavy selling during today's session as the new front month November contract lost just over 3% on the day.
Above or below-normal temperatures begin to mean less during the month of October as the average U.S. temperature is near 55 degrees. It is during this time that weakness can come in the market ahead of the winter heating season.
How low the market price may go will depend on upcoming storage injections and how soon winter demand arrives.
Last week's triple digit storage injection has again put storage on pace to reach and possibly surpass the peak storage high of 3,929 Bcf set in 2012.
But as witnessed in early trade on Monday, any whiff of winter heating demand will quickly reverse the present slide in the market.
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