U.S. natural gas futures rose from a four-month low on Tuesday following a 4% gain in U.S. crude futures and a 6% gain in European gas futures that was expected to keep U.S. liquefied natural gas exports at record highs. Traders noted that rise in U.S. gas prices came despite forecasts for milder U.S. weather and lower heating demand over the next two weeks than previously expected. Front-month gas futures rose 5.1 cents, or 1.4%, to settle at $3.708 per million British thermal units. On Monday, the contract plunged over 11% to its lowest close since July 15. That kept the front-month in oversold territory with a relative strength index (RSI) under 30 for a second day in a row for the first time since March. Crude futures rose almost 4% on Tuesday after rising almost 5% on Monday as concerns over the impact of the Omicron coronavirus variant on global fuel demand eased. In recent months, global gas prices hit record highs as utilities around the world scrambled for LNG cargoes to replenish low stockpiles in Europe and meet surging demand in Asia, where energy shortfalls have caused power blackouts in China. Following th ose global gas prices, U.S. futures jumped to a 12-year high in early October but have since pulled back because the United States has plenty of gas in storage and ample production for winter. Overseas prices were currently trading about eight times higher than U.S. futures. Analysts have said European inventories were about 17% below normal for this time of year, compared with just 2% below normal in the United States. Data provider Refinitiv said output in the U.S. Lower 48 states averaged 96.3 billion cubic feet per day (bcfd) so far in December, down from a monthly record of 96.5 bcfd in November. With an unusual warming of the weather in December, Refinitiv projected average U.S. gas demand, including exports, would slide from 113.8 bcfd this week to 111.0 bcfd next week. Those forecasts were lower than Refinitiv"s outlook on Monday. The amount of gas flowing to U.S. LNG export plants averaged 11.82 bcfd so far in December now that he sixth train at Cheniere Energy Inc"s (LNG.A) Sabine Pass plant in Louisiana was producing LNG. That compares 11.39 bcfd in November and a monthly record of 11.48 bcfd in April. With gas prices around $31 per mmBtu in Europe and $34 in Asia , compared with about $4 in the United States, traders said buyers around the world would keep purchasing all the LNG the United States can produce. But no matter how high global gas prices rise, the United States only has the capacity to turn about 11.1 bcfd of gas into LNG. The rest of the gas flowing to the export plants is used to fuel equipment that produces the LNG. Global markets will have to wait until later this year to get more when Venture Global LNG"s Calcasieu Pass in Louisiana starts producing LNG in test mode. read more Week ended Dec 3 (Forecast) Week ended Nov 26 (Actual) Year ago Dec 3 Five-year average Dec 3 U.S. weekly natgas storage change (bcf): -49 -59 -78 -55 U.S. total natgas in storage (bcf): 3,515 3,564 3,861 3,595 U.S. total storage versus 5-year average -2.2% -2.4% Global Gas Benchmark Futures ($ per mmBtu) Current Day Prior Day This Month Last Year Prior Year Average 2020 Five Year Average (2016-2020) Henry Hub 3.75 3.66 2.58 2.13 2.66 Title Transfer Facility (TTF) 31.49 29.60 5.82 3.24 5.19 Japan Korea Marker (JKM) 34.40 34.19 9.46 4.22 6.49 Refinitiv Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days Two-Week Total Forecast Current Day Prior Day Prior Year 10-Year Norm 30-Year Norm U.S. GFS HDDs 345 351 381 395 395 U.S. GFS CDDs 8 7 2 5 4 U.S. GFS TDDs 353 358 383 400 399 Refinitiv U.S. Weekly GFS Supply and Demand Forecasts Prior Week Current Week Next Week This Week Last Year Five-Year Average For Month U.S. Supply (bcfd) U.S. Lower 48 Dry Production 97.2 96.5 96.8 91.2 84.7 U.S. Imports from Canada 8.8 8.7 8.8 9.2 8.9 U.S. LNG Imports 0.0 0.0 0.0 0.2 0.3 Total U.S. Supply 105.9 105.2 105.7 100.6 93.9 U.S. Demand (bcfd) U.S. Exports to Canada 3.4 3.7 3.7 2.8 3.0 U.S. Exports to Mexico 5.7 5.6 5.5 5.7 4.6 U.S. LNG Exports 11.8 11.9 11.6 11.4 5.0 U.S. Commercial 13.1 13.8 13.3 14.1 15.0 U.S. Residential 20.5 22.0 22.3 22.7 25.4 U.S. Power Plant 26.6 25.7 23.9 28.2 25.8 U.S. Industrial 23.6 23.8 23.4 24.5 24.6 U.S. Plant Fuel 4.8 4.8 4.8 4.8 4.8 U.S. Pipe Distribution 2.4 2.5 2.4 2.5 2.4 U.S. Vehicle Fuel 0.1 0.1 0.1 0.1 0.1 Total U.S. Consumption 91.2 92.6 90.2 96.9 98.1 Total U.S. Demand 112.1 113.8 111.0 116.8 110.7 U.S. weekly power generation percent by fuel - EIA Week ended Dec 10 Week ended Dec 3 Week ended Nov 26 Week ended Nov 19 Week ended Nov 12 Wind 13 11 13 14 14 Solar 2 2 2 2 2 Hydro 7 6 6 6 6 Other 2 2 2 2 2 Petroleum 1 1 1 1 1 Natural Gas 34 37 34 35 35 Coal 19 19 20 19 19 Nuclear 23 22 22 21 21 SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) Hub Current Day Prior Day Henry Hub 3.66 3.79 Transco Z6 New York 3.80 3.57 PG&E Citygate 4.65 4.85 Dominion South 3.28 3.32 Chicago Citygate 3.47 3.86 Algonquin Citygate 7.40 4.81 SoCal Citygate 6.29 5.15 Waha Hub 3.36 3.50 AECO 2.87 3.47 SNL U.S. Power Next-Day Prices ($ per megawatt-hour) Hub Current Day Prior Day New England 63.00 65.50 PJM West 39.50 35.75 Ercot North 35.00 39.33 Mid C 56.00 60.38 Palo Verde 59.00 29.50 SP-15 62.75 38.25 Reporting by Scott DiSavino; Editing by Amy Caren Daniel, William Maclean Our Standards: The Thomson Reuters Trust Principles.