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Natural gas gained on short covering as some producers planned to reduce drilling by 2024.
Natural gas experienced a 1.38% increase, settling at 131.8, driven by short covering as some producers indicated plans to reduce drilling activities in 2024. However, the upside is constrained by prevailing expectations of weak demand, with forecasts indicating continued mild temperatures across most markets. Prices hover near four-year lows, primarily attributed to limited demand resulting from predominantly mild weather, which has also kept inventories elevated. The Energy Information Administration reported inventories at 2.54 trillion cubic feet, representing a 15.9% surplus compared to the five-year average.
