VONNIE: THIS IS DAYBREAK EUROPE. I’M VONNIE QUINN WITH YOUR TOP STORIES. OIL SURGES.THE MOST IN FOUR YEARS AS THE IRAN CONFLICT RATTLES MARKETS. PRESIDENT TRUMP VOWS TO KEEP BOMBING UNTIL AMERICAN OBJECTIVES ARE MET CALLING ON IRAN'S LEADERS TO CAPITULATE. IRAN'S NATIONAL SECURITY CHIEF SAYS WE WILL NOT NEGOTIATE WITH THE UNITED STATES.THE MIDDLE EAST CONFLICT CAUSES MAJOR DISRUPTIONS THAT THE WORLD'S BUSIEST AIRPORTS. SHIPPING LINES CUT ROUTES THROUGH THE GULF THREATENING GLOBAL TRADE FLOWS. WE GAPPED HIGH ...

Core Insights - Natural gas prices in the US experienced a significant rally, reaching a nearly 3-year high due to colder-than-normal weather forecasts, which are expected to increase heating demand [2] - The US dry gas production is currently at 112.0 billion cubic feet per day, reflecting a year-over-year increase of 6.4%, while gas demand is at 113.1 billion cubic feet per day, up 2.6% year-over-year [3] - The Edison Electric Institute reported a year-over-year increase in US electricity output, which supports gas prices, with a rise of 2.11% to 76,459 GWh for the week ending November 29 [4] Production and Inventory - The EIA has raised its forecast for US natural gas production in 2025 by 1.0% to 107.67 billion cubic feet per day, indicating that production levels are near record highs [5] - Recent EIA reports indicate a bullish trend for natural gas prices, with inventories showing a draw of 11 billion cubic feet for the week ending November 21, which was larger than market expectations [6] - As of December 1, European gas storage was reported to be 75% full, compared to a 5-year seasonal average of 85% full, indicating a potential supply concern [6]