US natural gas futures fell to $4.5/MMBtu on Wednesday, easing after a rally to an eight-month high of $4.565 on Tuesday, as traders balanced short-term mild weather forecasts against strong export demand and expectations of colder conditions in early December. Weather models indicate a brief warm spell later this month before temperatures drop, potentially boosting heating demand. LNG exports remain robust, with flows to the eight major US export facilities averaging 17.8 bcfd in November, up from a record 16.7 bcfd in October, driven by strong demand from Europe amid reduced Russian supply. Meanwhile, US gas output in the Lower 48 states hit 109 bcfd in November, a fresh record, supporting ample storage levels now 4% above seasonal norms. Meanwhile, the IEA said that global oil and gas demand may continue rising until 2050, marking a softer stance on the global energy transition.
