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Natural gas gained on forecasts for colder weather and more heating demand.

Natural gas prices experienced a notable uptick, closing 3.92% higher at 270.1, driven by forecasts of colder weather and increased heating demand until the end of November. This surge was further fueled by record gas flows to liquefied natural gas (LNG) export plants. The Lower 48 U.S. states observed a rise in average gas output to 107.3 billion cubic feet per day (bcfd) in November, surpassing the previous record of 104.2 bcfd in October.

However, a recent downtrend indicated a potential drop to a one-week low of 105.9 bcfd. Despite the recent increase in natural gas production in North Dakota, reaching a record 3.440 bcfd in September, concerns arose as gas flaring also saw a slight uptick, reaching 0.182 bcfd compared to 0.154 bcfd in August. Meteorologists’ projections suggested a deviation from the warmer-than-normal weather until November 21, anticipating a shift towards colder temperatures from November 22-30. In anticipation of colder weather, the London Stock Exchange Group (LON:LSEG) forecasted a rise in U.S. gas demand, including exports, from 111.3 bcfd to 113.9 bcfd next week.

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