November Nymex natural gas closed lower, continuing a downward trend. Prices hit a one-week low due to a bearish EIA inventory report showing a rise of +87 bcf. Mixed weather forecasts and high US gas production contributed to the decline. LNG net flows and pipeline exports to Mexico also increased.

US gas production is at a record high, impacting prices negatively. Edison Electric Institute reported a rise in US electricity output, supporting gas prices. Weekly EIA reports showed a surplus in gas inventories, signaling adequate supplies. Europe’s gas storage is 83% full, slightly below the seasonal average.

Baker Hughes reported a steady number of active US gas rigs. The count is just below the 2.25-year high, showing an increase from last year’s low. Gas prices are affected by ample inventories, high production, and bearish reports. The market remains cautious amid fluctuating weather forecasts and global gas flows.

Read more at Yahoo Finance: Nat-Gas Prices Continue to Retreat on Ample Inventories