Natural gas prices rose by 0.85% to ₹284.3 due to higher global LNG demand and colder weather in the U.S. by mid-January. Industry estimates increased demand forecasts by 18 billion cubic feet, signaling the onset of the withdrawal season.
Concerns over Russian gas reaching Europe via Ukraine have driven demand for U.S. LNG exports. U.S. gas output in the Lower 48 states averaged 103.1 bcfd in December, up from 101.5 bcfd in November.
The EIA reported that natural gas inventories in the U.S. started the winter heating season at their highest levels since 2016, ending the injection season with 3,922 bcf, 6% above the five-year average.
