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NYMEX October natural gas futures settle 3.2 cents lower at $2.573/MMBtu

NYMEX October natural gas futures settled 3.2 cents lower at $2.573/MMBtu Monday, falling for a fifth straight session as the market failed to find any support at the $2.60/MMBtu level.

The October contract traded between $2.550-$2.596/MMBtu.

The last time the prompt-month contract traded below Monday’s settlement price was April 28.

As the market set an almost five-month low, Drew Wozniak, vice president at ICAP, wrote in a note to clients Monday: “It should get tougher and tougher to drive [natural gas] down, but $2.50 is certainly in the sights.”

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