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On Wednesday, October Nymex natural gas prices closed at $2.891, up by 1.61% (+0.046). The weekly EIA report indicated a rise in natural gas inventories of 75 billion cubic feet (bcf) for the week ending September 19, which was slightly above market expectations of 74 bcf but below the 5-year average of 76 bcf.
As of September 23, US natural gas production reached 107.7 bcf/day, a 6.1% increase year-over-year, while demand was recorded at 73.2 bcf/day (+0.8% y/y). Active US natural gas rigs remained at 118 for the week ending September 19, maintaining levels near a two-year high.
In Europe, gas storage was reported to be 82% full, compared to the 5-year seasonal average of 89%. US electricity output increased by 2.3% year-over-year in the week ending September 20, totaling 85,663 GWh.
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