The energy market sees gas futures supported by growing European import needs, with recent geopolitical tensions lifting risk premiums. CME data shows open interest in natural gas contracts rising 8% week-on-week, signaling stronger market participation. US (lower-48) dry gas production on Tuesday was 107.9 bcf/day (+5.5% y/y), according to BNEF. Lower-48 state gas demand on Tuesday was 70.4 bcf/day (-1.3% y/y), according to BNEF. Estimated LNG net flows to US LNG export terminals on Tuesday were 15.7 bcf/day (+7.8% w/w), according to BNEF. Natural gas futures trended lower through early afternoon trading amid plump supply readings and forecasts for benign weather. Gas futures staged a minor rally after EIA reported a storage withdrawal of 120 Bcf, exceeding consensus estimates. Investors view this as a signal that demand could remain robust into late winter, pushing price targets above current February levels.