November Nymex natural gas closed down by 1.92% on Thursday due to rising weekly EIA nat-gas stockpiles. The EIA reported a +80 bcf increase, above expectations of +77 bcf. Despite cooler US temperatures forecasted, higher US nat-gas production remains a bearish factor for prices.

US (lower-48) dry gas production was 107.0 bcf/day (+4.4% y/y) on Thursday, with state gas demand at 71.6 bcf/day (+0.2% y/y). Estimated LNG net flows to US export terminals were 15.8 bcf/day. Edison Electric Institute reported a 2.91% rise in US electricity output y/y.

The consensus expected a +77 bcf climb in weekly EIA nat-gas inventories, still below the 5-year average. However, the report showed a +80 bcf increase, above expectations but below the 5-year average. Nat-gas inventories were up +0.3% y/y, with European gas storage at 83% full.

Baker Hughes reported a +1 increase in active US nat-gas drilling rigs, slightly below the 2-year high. The number of gas rigs has risen from a 4.5-year low in September 2024. Rich Asplund did not have any positions in mentioned securities.

Read more at Yahoo Finance: Nat-Gas Prices Retreat on a Larger-Than-Expected Build in Weekly Gas Storage