EIA Storage Report

November natural gas futures advanced as LNG feedgas flows approached 20 Bcf per day, reinforcing export demand even as domestic consumption stayed soft. Traders are watching Thursday’s EIA storage data and the $3.350 technical test for clues on whether the rally can extend.

November natural gas futures moved lower early Thursday after failing to extend Wednesday’s recovery above the key round-number area. Mild weather, growing output and elevated storage expectations continue to limit buyer confidence ahead of the EIA inventory update.

Natural gas futures are under pressure as November loses the $3.00 level and slips below its 50-day moving average. Heavy production, elevated inventories, and weak winter contracts are keeping sellers in control unless storage or weather data deliver a bullish surprise.

Natural gas futures are pressing toward the $3.00 area as hotter weather, firm LNG feedgas demand and a tighter storage setup support buyers. Thursday’s EIA report, expected to show a 32 Bcf injection, could decide whether the rally gains traction or runs into renewed production pressure.

Natural gas remains rangebound as traders await the next EIA storage update, with $2.70 still capping near term momentum. WTI oil is hovering near $75 as markets weigh Iran Oman Strait of Hormuz headlines, while Brent attempts to recover after a sharp pullback.