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On Thursday, December Nymex natural gas (NGZ25) closed down by -0.076 (-1.67%). The decline followed a shift in US weather forecasts, which predicted warmer temperatures across the northern US for November 25-29 and the central US for November 30-December 4, potentially reducing heating demand.
US nat-gas inventories fell by -14 billion cubic feet (bcf) for the week ending November 14, surpassing expectations of -12 bcf and down from the five-year average increase of +12 bcf. Current production levels are near record highs at 110.1 bcf/day, reflecting a year-over-year increase of +7.6%. Meanwhile, natural gas drilling rigs in the US decreased by 3 to 125 rigs in the week ending November 14.
As of November 18, European gas storage was 81% full, compared to the five-year seasonal average of 90%. Lower-48 state gas demand was reported at 84.6 bcf/day (+1.2% y/y), while estimated LNG net flows to US export terminals were at 17.4 bcf/day (-2.2% w/w).
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