Rising natural gas exports are also helping to support prices and draining the bloated stockpiles.
Additionally, electricity companies are burning a record amount of gas, replacing coal demand.
On the supply side, producers have cut the number of active drilling rigs heading into the winter to a record low in the 29-year history of Baker Hughes rig count.
“The trader’s mindset is that normal is now bullish,” Peter Donovan, broker for Liquidity Energy, told the WSJ.
For more information on the natgas market, visit our natural gas category.