Natural gas is approaching a period of intensified divergence between global demand pull and domestic supply resilience.
The US is exporting more natural gas than ever, with LNG flows pushing above 16.5 billion cubic feet per day in October. Europe remains heavily reliant on these volumes as it moves through another winter without Russian supply. Asia is absorbing more too, contributing to a broad-based export demand tailwind. At the same time, weather forecasts are trending colder, pointing to a sharp rise in heating-related consumption across North America.
Ordinarily, that combination would drive a more aggressive rally. But US production has stayed high, consistently around 107 billion cubic feet per day. Storage levels continue to climb, now sitting above both last year’s level and the five-year average.
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