On Monday, November Nymex natural gas closed up +4.18%, recovering from last week’s losses. US weather forecasts turned cooler, boosting heating demand in northern states, with G2 predicting a cooler trend for central and eastern US for Nov 1-5 and the East for Nov 6-10.

BNEF data shows US dry gas production at 108.2 bcf/day (+4.2% y/y) on Monday, with state gas demand at 75.1 bcf/day (+4.2% y/y). Estimated LNG net flows to US export terminals were 16.6 bcf/day.

Despite record high US nat-gas production and higher forecasts, Edison Electric Institute reported a +4.0% rise in US electricity output last week, supporting gas prices.

Last week’s EIA report showed a bearish trend for nat-gas prices as inventories rose above expectations, signaling adequate supplies with European gas storage at 83% full.

Baker Hughes reported a stable number of active US nat-gas drilling rigs at 121, just below the recent high of 124 rigs. The increase in gas rigs over the past year indicates a rebound from a low of 94 rigs in September 2024.

Read more at Yahoo Finance: Nat-Gas Prices Rally on Cooler US Weather Forecasts