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On Friday, December Nymex natural gas (NGZ25) closed at $4.57, up by +0.111 (+2.48%), reaching a 1-week high due to forecasts of colder weather in the U.S. that could increase heating demand. Atmospheric G2 projections indicate a significant temperature drop in the West and Northeast from November 26-30, and across the central U.S. from December 1-5.
Additionally, the U.S. Energy Information Administration (EIA) reported a decrease in nat-gas inventories by -14 billion cubic feet (bcf) for the week ending November 14, exceeding expectations of -12 bcf. Current U.S. dry gas production stands at 111.1 bcf/day, a 7.9% increase year-over-year, while daily gas demand is at 82.8 bcf/day, a 9.2% decrease year-over-year.
The total number of active U.S. nat-gas drilling rigs rose by +2 to 127 rigs for the week ending November 21, just below the 2.25-year high of 128 rigs recorded on November 7.
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