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On Tuesday, December Nymex natural gas (NGZ25) closed up by +0.227 (+5.23%), reaching an 8-month nearest-futures high as forecasts predict colder temperatures across the US, particularly in the North Rockies and Northeast from November 14-18 and central US from November 21-25.
Current US dry gas production is at 110.7 bcf/day (+11.7% year-on-year), with lower-48 state gas demand at 92.6 bcf/day (+20.1% year-on-year). LNG net flows to export terminals are estimated at 18.1 bcf/day (+4.1% week-on-week). Additionally, the number of active US nat-gas drilling rigs rose to 128, the highest in 2.25 years, up from 94 rigs last year.
As of October 31, nat-gas inventories increased by +33 bcf, aligning with market expectations but lower than the 5-year weekly average of +42 bcf. European gas storage is currently at 83% capacity, compared to the 5-year average of 92% for this time of year.
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