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On Thursday, October Nymex natural gas closed at $3.06, up $0.010 (+0.33%), extending a one-week rally that nearly matched a four-week high. This increase in prices is attributed to forecasts for warmer temperatures across the northern half of the US, which are expected to boost natural gas demand for electricity providers.
US dry gas production reached 107.1 billion cubic feet per day (bcf/day) on Thursday, a 4.6% increase year-over-year, while gas demand was reported at 75.5 bcf/day, a 1.4% increase year-over-year. The EIA recently raised its forecast for 2025 US nat-gas production to 106.44 bcf/day, up 0.5% from July’s estimate.
As of August 29, natural gas inventories increased by 55 bcf, aligning with market consensus and above the five-year average of 36 bcf. European gas storage stood at 78% capacity, compared to the five-year seasonal average of 85% for this time of year.
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