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On Wednesday, January Nymex natural gas prices closed at $4.56, up by 1.72%. This increase followed a report from the EIA indicating a weekly draw of natural gas inventories of 11 billion cubic feet (bcf) for the week ending November 21, which was larger than the expected 9 bcf draw.
The report also highlighted that U.S. natural gas production on Wednesday reached a record high of 113.1 bcf/day, an increase of 8.3% year-over-year. Conversely, lower-48 state gas demand was recorded at 89.8 bcf/day, a decrease of 0.7% year-over-year. Additionally, the number of active U.S. natural gas drilling rigs rose to 130, the highest level in 2.25 years, as of the week ending November 28.
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