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On Thursday, November Nymex natural gas (NGX24) closed up by +0.015 (+0.56%) after recovering from a 2-1/2 week low. The rise was fueled by short-covering amid forecasts for colder US temperatures, which are expected to increase natural gas demand for heating, particularly in the western half of the US from October 15-19.
The Energy Information Administration (EIA) reported that natural gas inventories rose by +82 billion cubic feet (bcf) for the week ending October 4, exceeding expectations of +71 bcf but below the 5-year average increase of +96 bcf. Additionally, lower-48 states experienced a dry gas production rate of 101.9 bcf/day, a 1.1% year-over-year decline, while gas demand rose by 4.1% year-over-year to 71.4 bcf/day.
As of October 4, natural gas inventories were 5.1% above their 5-year seasonal average, highlighting sufficient supply. Currently, natural gas storage in Europe is 95% full, surpassing the 5-year average of 91% for this time of year.
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