U.S. natural gas futures gained more than 5% on Nov. 11, rebounding from the previous session’s slide to a seven-week low as forecasts called for higher demand, European prices rose and traders looked toward storage reports showing withdrawals from gas stocks.

Front-month gas futures rose 26.9 cents, or 5.5%, to settle at $5.149 per million British thermal units (mmBtu), snapping a four-session losing streak.

Data provider Refinitiv projected average U.S. gas demand, including exports, would jump from 96.9 Bcf/d this week to 104.1 Bcf/d next week on heating demand as the weather turns seasonally colder.

“The front-month fell 84 cents in 4 trading days, and many traders felt the bearish trend had gone far enough,” Refinitiv’s John Abeln said.

U.S. prices were also boosted by an uptick in European gas, which spurred earlier strong rallies this year. The Title Transfer Facility in the Netherlands, the European benchmark, rose by about 5% on Nov. 11. Gas prices in Europe and Asia are trading about five times higher than in the United States.

In October, global gas prices hit record highs as utilities around the world scrambled for LNG cargoes to replenish low stockpiles in Europe and meet insatiable demand in Asia, where energy shortfalls have caused power blackouts in China.

“Yesterday’s low injection number was marginally friendly as it reflects the market is still pretty tight, so Mother Nature is going to tell us which way this market is going to go next,” said Thomas Saal, senior vice president for energy at StoneX Financial Inc.

Refinitiv forecast that the weather over the next two weeks would be in line with seasonally lower temperatures.

U.S. gas stocks increased last week, the U.S. Energy Information Administration said on Nov. 10, but the build was smaller than usual for this time of year and was less than forecast.

Analysts said the market was preparing for the next set of storage reports, as they said the week ending Nov. 19 is likely to be the start of the withdrawal season in natgas.

Meanwhile, Refinitiv said output in the U.S. Lower 48 states has averaged 96.1 Bcf/d so far in November, up from 94.1 Bcf/d in October and a monthly record of 95.4 Bcf/d in November 2019.