Nymex natural gas closed down on Wednesday, falling from an 8-month high due to a mixed US weather forecast. Higher US nat-gas production is a bearish factor for prices, with active US nat-gas rigs at a 2-year high. EIA raised its forecast for 2025 US nat-gas production.

US dry gas production and demand were both up on Wednesday, with estimated LNG net flows also increasing. Edison Electric Institute reported a rise in US electricity output, supporting gas prices. Consensus expects EIA nat-gas inventories to increase by +34 bcf for the week ended November 7.

Last week’s EIA report showed a neutral impact on nat-gas prices, signaling adequate supplies. European gas storage at 82% full. Baker Hughes reported an increase in active US nat-gas drilling rigs to a 2.25-year high. Number of gas rigs has risen from a 4.5-year low in September 2024.

Read more at Yahoo Finance: Nat-Gas Prices Turn Lower on a Mixed US Weather Forecast