US natural gas prices climbed more than 4% to $3.13 per MMBtu on Monday, their highest level since October 15, as forecasts for a sharp cold spell signaled stronger heating demand. By November 14, more than 160 million Americans are expected to experience below-normal temperatures, a marked shift from the unusually warm conditions anticipated earlier in the week, especially in the Northeast, Great Lakes, and Ohio Valley.
Prices also drew support from supply-side developments. The latest EIA report showed a smaller-than-expected storage injection of 77 Bcf for the week ended October 30. Total inventories rose to 3.801 trillion cubic feet, leaving stocks 2.8% below year-ago levels but 1.4% above the five-year average.
On the production front, Lower 48 output averaged 111.2 Bcf per day in November, down from 113.4 Bcf in October. LNG export flows softened slightly as well, though international demand for US cargoes remains robust amid continued geopolitical disruptions to global energy supplies.