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On Friday, October Nymex natural gas (NGV25) closed at $3.06, down $0.026 (-0.85%). This decline followed a recent rally attributed to lower production figures, although prices had nearly matched a 4-week high earlier in the week.
US dry gas production reached 108.2 billion cubic feet per day (bcf/day), up 5.6% year-over-year, while demand fell to 74.4 bcf/day, down 3.7% year-over-year. The EIA also adjusted US natural gas production forecasts upward for 2025 and 2026, now estimating 106.44 and 106.09 bcf/day, respectively.
As of August 29, US natural gas inventories increased by 55 bcf, aligning with market expectations but exceeding the 5-year average. Meanwhile, as of September 1, European gas storage was reported at 78% full, below the 5-year average of 85% for this time of year.
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