In the last week of September, the difference between natural gas inventories and their five-year average (or inventories spread) was -0.5%. It contracted by around 1 percentage point from the previous week. This is a bearish development for natural gas prices.
However, the Reuters weather forecast model suggests a rise in demand of 2.35 Bcf–11.3 Bcf from the earlier estimated figures. The expectations of a rise in demand for the next two weeks might have supported natural gas futures.