The EIA said mild November weather reduced heating demand and is expected to leave US natural-gas inventories higher than previously forecast. It lowered its November–March Henry Hub price outlook by 16% from the prior month to $2.87/MMBtu, while forecasting average prices of $2.88/MMBtu in 2027.
Lower heating demand and storage expectations above recent levels add to near-term US supply and pressure gas prices. Stronger international prices may nevertheless support US LNG export demand.
After 104 past bearish weather events, Natural Gas moved a median -7.8% over 5 sessions (22% higher; middle half -14.8% to -0.8%), and -3.3% 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.