U.S. natural gas prices finished the week higher but well off midweek highs after a sharp reversal, with November settling near $3.23. A bullish storage build of just 53 Bcf—over 30 Bcf below the five-year norm—briefly fueled gains, aided by record LNG exports averaging nearly 17 Bcf per day. Domestic output remains flat around 107–108 Bcf per day, while net supply has dipped below year-ago levels. Near-term fundamentals remain bearish with warm October weather limiting heating demand, but tightening net supply amid record exports pose bullish risks as winter approaches.
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