U.S. natural gas futures declined by over 4% to $4.45 per MMBtu on Friday, pulling back after reaching their highest point since December 2022. This decrease followed a larger-than-anticipated storage increase reported by the Energy Information Administration (EIA). For the week ending November 7, U.S. energy companies added 45 billion cubic feet (bcf) to storage, raising the total to 3,960 bcf, which is 4.5% higher than the five-year average. Market participants considered the impact of mild short-term weather against strong export demand and projections of colder temperatures in early December that could heighten heating requirements. Liquefied natural gas (LNG) exports remain strong, averaging 17.8 billion cubic feet per day (bcfd) in November, up from 16.7 bcfd in October, driven by European demand following reduced Russian supply. Concurrently, U.S. natural gas production in the Lower 48 states reached 109 bcfd in November, setting a new record and contributing to storage levels that are now 4% above typical seasonal figures.
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