Spot natural gas prices climbed on Thursday, marking the second consecutive day of gains. The rise was driven by bargain hunting as traders anticipated colder weather and noted a decline in production levels. Despite mild November conditions persisting, the market showed signs of optimism about future demand.
At a glance, weather-related demand remained tepid, while production dipped from recent highs. Storage levels were reported to be 1.4% above average, providing some cushion against potential supply constraints. The combination of lighter production and hints of coming cold contributed to the upward momentum in prices.