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On October 6, 2023, Nymex natural gas futures closed down -0.069, or -2.38%. This decline was attributed to ample storage levels and warming forecasts for early October, which are likely to reduce early-season heating demand.
As of September 19, natural gas inventories were 6.1% above the five-year seasonal average, signaling an oversupply. Additionally, US lower-48 dry gas production reached 107.7 billion cubic feet per day (bcf/day), up 6.8% year-over-year, while demand was recorded at 70.4 bcf/day, down 0.9% year-over-year.
According to the EIA, US natural gas production forecasts for 2025 were revised up by 0.2% to 106.63 bcf/day. The report also noted that, as of September 23, European gas storage was 82% full, compared to a five-year average of 89%.
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