Natural gas prices fell by -0.75% to ₹237.5 due to increased daily production and higher-than-expected storage builds. The latest federal report showed utilities added 42 billion cubic feet of gas to storage for November 8, 2024, marking the fourth consecutive week of larger-than-usual injections.
However, losses were limited by forecasts of colder weather, which is expected to drive up heating demand in the coming weeks. Average gas output in the Lower 48 U.S. states stood at 100.2 billion cubic feet per day in November, slightly down from 101.3 bcfd in October.
Daily output rose to a six-day high of 100.5 bcfd on Thursday. The U.S. Energy Information Administration projects dry gas production to decline from 103.8 bcfd in 2023 to 103.3 bcfd in 2024 due to reduced drilling activity. Domestic consumption is forecasted to rise to a record 90.0 bcfd in 2024.
