November Nymex natural gas (NGX26) closed on Wednesday at $3.01, up $0.015 (0.50%), following a recovery from earlier losses amid expectations for a below-average increase in weekly gas storage. The consensus projection from the EIA indicates a storage rise of 63 billion cubic feet (bcf) for the week ending September 25, compared to the five-year average of 80 bcf.
U.S. lower-48 dry gas production was reported at 110.4 bcf/day on Wednesday, representing a 1.3% year-over-year increase, while gas demand reached 71.6 bcf/day, up 0.6% year-over-year. Additionally, estimated LNG net flows to U.S. export terminals stood at 18.7 bcf/day, down 0.5% week-over-week. However, concerns persist over a potential “Super El Niño,” which is expected to bring warmer-than-normal temperatures, potentially reducing heating demand this fall and winter.
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