Natural gas prices retreated this week after testing mid-$3.50s early on, as warmer weather revisions and a larger-than-expected 80 Bcf storage build weighed on sentiment. Despite persistently bearish weather since September, inventory growth has slowed relative to the five-year average—narrowing the surplus to that benchmark. Production slipped below 107 Bcf per day, the lowest since July, while LNG feedgas flows remain near record levels. With the November contract and winter strip now back in their late-summer range, the market appears vulnerable to further downside unless colder forecasts emerge.
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