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U.S. natural gas futures rallied to $4.1/MMBtu after reaching a seven-week low of $3.89 on December 16, driven by near-record liquefied natural gas (LNG) export levels. Average deliveries to the nation's eight major LNG facilities have increased to 18.5 billion cubic feet per day (bcfd) so far in December, surpassing November's all-time high. Projections suggest that net exports will continue to grow in the long term. Despite this, slightly warmer winter temperatures could potentially reduce domestic demand for natural gas and electricity. Nevertheless, forecasts indicate that winter demand will exceed production, with storage withdrawals anticipated to bridge the gap. Although inventories commenced the season above the five-year average and slightly below last winter's levels, they are expected to remain strong. Meanwhile, production remains at an all-time high.
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