Adds latest prices

By Scott DiSavino

Nov 20 (Reuters) -U.S. natural gas futures jumped about 7% on Wednesday toa 10-month high on forecasts for colder weather over the next two weeks than previously expected, which should cause utilities to start pulling gas out of storage to meet rising heating demand around the U.S. Thanksgiving day holiday next week.

The amount of gas flowing to U.S. liquefied natural gas (LNG) export plants was on track to rise to a 10-month high, asfeedgas to Venture Global LNG's Plaquemines plant under construction in Louisiana rose to a record high.

Front-month gas futures NGc1 for December delivery on the New York Mercantile Exchange rose 19.5 cents, or 6.5%, to settle at $3.193 per million British thermal units, theirhighest close since Jan. 12.

With volatility relatively high in recent weeks, that price increase would only be the biggest daily percentage gain for the front-month since it jumped 9% on Nov. 11.

Recent gains ingas prices havecut the oil-to-gas ratio to its lowest since January 2023, which could prompt energy firms to drill for more gas.

The oil-to-gas ratio, or the level at which oil trades compared with gas, fell to 21-to-1 on Wednesday. On an energy equivalent basis, oil should only trade six times over gas.

SUPPLY AND DEMAND

Financial firm LSEG said average gas output in the Lower 48 U.S. states eased to 100.7 billion cubic feet per day so far in November, down from 101.3 bcfd in October. That compares with a record 105.3 bcfd in December 2023.

On a daily basis, output was on track to drop by about 1.3 bcfd over the past four days to a preliminary one-week low of 101.0 bcfd on Wednesday. Analysts have noted that preliminary data is often revised later in the day.

On an annual basis, output remained on track to decline in 2024 for the first time since the COVID-19 pandemic cut demand in 2020.

That's because many producers reduced drilling activities this year after average spot monthly prices at the U.S. Henry Hub NG-W-HH-SNL benchmark in Louisiana fell to a 32-year low for the month of March, and have remained soft since then.

Meteorologists projected weather in the Lower 48 states will remain mostly near normal through Dec. 5, except for some colder-than-normal days from Nov. 28-Dec. 2.

With colder weather coming, LSEG forecast average gas demand in the Lower 48, including exports, would rise from 108.4 bcfd this week to 116.4 bcfd next week. Those forecasts were higher than LSEG's outlook on Tuesday.

The amount of gas flowing to the seven big operating U.S. LNG export plants rose to an average of 13.5 bcfd so far in November, up from 13.1 bcfd in October. That compares with a monthly record high of 14.7 bcfd in December 2023.

On a daily basis, feedgas was on track to jump to a 10-month high of 14.5 bcfd on Wednesday, up from 14.1 bcfd on Tuesday, as flows to Plaquemines rose to a record high of around 50 million cubic feet per day for a second day in a row. That compares with an all-time daily feedgas high of 15.2 bcfd on Dec. 17, 2023, according to LSEG data.

Reporting by Scott DiSavino; Editing by Richard Chang

For gas data on the LSEG terminal type ENERGY in the search bar and then go to the GAS drop down and the NORTH AMERICA drop down.

For Interactive Map, type 'Interactive Map' in the box at upper left of the LSEG terminal

For graphics on Baker Hughes rig counts, see: http://graphics.thomsonreuters.com/15/rigcount/index.html

For next-day SNL U.S. gas prices, see: 0#SNL-NG

For next-day SNL U.S. power prices, see: 0#SNL-PWR

For U.S. natgas price and storage polls, see: NGAS/POLL

For U.S. nuclear power outages, see: NUKE/

For U.S. Northwest hydro power report, see: NWRFC

For U.S./Canada natural gas rig count vs Henry Hub futures price, see: http://tmsnrt.rs/2eT9k44

For the U.S. natural gas speed guide, see: USGAS

For the U.S. power speed guide, see: USPOWER

To determine CFTC managed money net position add (NYMEX Henry Hub options and futures combined 3023651MNET) plus (ICE Henry Hub options and futures combined 3023391MNET divided by four) plus (NYMEX Henry Hub swaps options and futures combined 303565BMNET divided by four) plus (NYMEX Henry Hub penultimate gas swaps 303565CMNET divided by four)

NYMEX Henry Hub options and futures combined 0#3CFTC023651

NYMEX Henry Hub futures only 0#1CFTC023651

ICE Henry Hub options and futures combined 0#3CFTC023391

NYMEX Henry Hub swaps options and futures combined 0#3CFTC03565B

NYMEX Henry Hub Penultimate gas swaps 0#3CFTC03565C