Natural Gas futures dropped for a second day as storage increased.

November Natural Gas futures were down for a second session, showing a loss of 3.19% on the day in what may be a technical basing pattern. The EIA estimated that working natural gas in storage totaled 3,808 billion cubic feet as of October 17, marking a weekly increase of 87 billion cubic feet. Current inventories are high, standing 34 billion cubic feet above last year's level and 174 billion cubic feet above the five-year average, which suggests a stable supply backdrop ahead of the winter. This is significant given the EU sanction on LNG exports from Russia. Domestic demand is expected to remain light to moderate over the next seven days due to mild weather, with highs in the 70s to mid 80s across the southern US, keeping demand low for Natural Gas futures.