
The EIA's November 2026 Short-Term Energy Outlook raised its annual US natural gas production forecast by nearly 1 percent and projected end-of-winter storage about 3 percent higher than in October. It also expects an average spot price under $3 per MMBtu in 2027.
Record LNG feedgas on November 7 and a short cold spell have lifted prices somewhat in early November.
A looser US gas balance and higher storage weigh on gas prices, which affects feed-grain drying and fertilizer costs for buyers. Strong LNG export demand is the main offset.
After 59 past bearish macro events, Natural Gas moved a median +1.3% over 5 sessions (58% higher; middle half -5.0% to +5.2%), and -2.0% 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.