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Lower-48 gas demand rose about 2.2 Bcf/d year on year in November to 91.6 Bcf/d, according to Wood Mackenzie. Residential and commercial heating demand jumped 15% on early-season cold, and LNG demand rose about 5 Bcf/d.
Spot prices averaged roughly $5.67 per mmBtu, nearly three times October levels.
Heating demand and LNG pull lifted spot prices out of their autumn lows and helped avoid last year's slide. Strong demand keeps US gas prices firm into winter.
naturalgasintel.comChris NewmanDec 5, 2025After 221 past bullish weather events, Natural Gas moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
