The NYMEX November natural gas futures contract closed at a one-year low Monday after dropping 6.2 cents to settle at $3.561/MMBtu, without any weather-related demand in sight to prop up prices. The contract traded in a range between $3.547/MMBtu and $3.644/MMBtu Monday. The last time the front-month gas contract settled lower was October 28, 2013, at $3.61/MMBtu. Analysts agreed that $3.50/MMBtu is the nearest support level, as prices below that mark will encourage coal-to-gas switching in the power generation sector. “The market continues to grind lower,” said Tradition Energy senior analyst Gene McGillian. “We don’t have enough seasonal demand to make up for all the gas coming out of the ground.” “Ultimately, you need something weather-related to move the market,” enerjay principal Jay Levine […]