December Nymex natural gas closed up by 0.23%, rebounding from a 1.5-week low. Updated weather forecasts predicting colder temperatures in the central and eastern US boosted heating demand for nat-gas. However, warmer long-term temperatures for most of the US shifted prices lower initially.

US nat-gas production is at a near-record high, with active rigs also on the rise. Last Wednesday, the EIA raised its forecast for 2025 US nat-gas production to 107.67 bcf/day. On Tuesday, US dry gas production was 108.7 bcf/day, while state gas demand was 87.3 bcf/day.

Edison Electric Institute reported US electricity output rose y/y, supporting gas prices. However, last Friday’s EIA report showed a bearish trend for nat-gas prices, with inventories rising above market consensus. As of November 7, inventories were down y/y but above the 5-year average, indicating sufficient supplies.

Baker Hughes reported a decrease in active US nat-gas drilling rigs, falling back from a recent high. All information and data provided in this article are for informational purposes only. Rich Asplund did not hold any positions in the mentioned securities on the publication date.

Read more at Yahoo Finance: Nat-Gas Prices Slightly Higher as Near-Term Weather Forecasts Turn Colder