RIG Count

Natural gas traders are focused on the EIA storage update as November futures hold a firmer near-term tone above a key moving average. Still, strong production, ample inventories and fading Gulf storm risk continue to limit confidence in a sustained bullish turn.

Natural gas remains under pressure even as hot US weather supports cooling demand and gas fired power burn. A 33 Bcf storage injection, elevated production and incoming Permian supply are keeping buyers cautious.

Natural gas futures are leaning on hotter forecasts, but the next EIA storage update may decide whether the rebound has staying power. Traders are watching whether heat-driven demand can offset elevated inventories, strong Lower-48 production and any LNG flow disruption risk.