• Natural gas futures reversed lower after a midweek rally, with November declining $0.10 per MMBtu and Winter 2026-27 falling $0.16.
• The EIA reported a 67-Bcf storage injection, narrowing the surplus to the five-year average to just 45 Bcf, the smallest since March.
• LNG exports climbed to 19.6 Bcf per day as domestic production declined, although weaker power generation demand led to a looser overall balance.
• Electricity demand rebounded across the eastern and central U.S., prompting a PJM Maximum Generation Emergency, while sharply cooler western weather drove California loads lower.
