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On Friday, December Nymex natural gas (NGZ25) prices fell by 1.72%, closing down by -0.080, due to a larger-than-expected build in natural gas storage. The U.S. Energy Information Administration (EIA) reported a 45 billion cubic feet (bcf) increase in natural gas inventories for the week ending November 7, surpassing expectations of a 34 bcf build.
Natural gas production in the lower 48 states reached 109.9 bcf/day on Friday, a 7.1% year-over-year increase. Estimated LNG net flows to U.S. LNG export terminals were recorded at 17.7 bcf/day, up 5.9% week-over-week. In contrast, lower-48 gas demand was at 80.0 bcf/day, a decrease of 5.5% year-over-year. The number of active U.S. natural gas drilling rigs fell to 125, down from a recent high of 128 on November 7.
As of November 7, natural gas inventories were 0.3% lower year-over-year but 4.5% above the five-year seasonal average, indicating sufficient supply levels. Meanwhile, gas storage in Europe was reported to be 82% full compared to the five-year average of 91% for this time of year.
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