December natural gas prices experienced a gap lower open into new contract lows Sunday evening. The weak price action comes despite the latest Baker Hughes rig count data that slipped more than 3.0% on the week. This marks the second weekly decline, and the market has fallen to a new 3.5 month low. Some traders pointed to warmer weather conditions to the start of the winter season and near-record storage levels of natural gas as factors contributing downside pressure.
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