Henry Hub moves further away from $4/mn Btu
The US benchmark for the price of natural gas was in negative territory early in the December 14 session, extending the sell off from the previous trading day.
The January gas delivery contract at the US Henry Hub was down 1.24% as of 12:35 GMT at $3.75/mn Btu. The contract lost 3.3% in the previous session.
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The International Energy Agency (IEA) in its monthly market report showed production of natural gas for members of the OECD increased 5.1% from September 2020 to September 2021, the last full month for which the agency has data. Consumption, meanwhile, declined by 4.9% in the OECD.
Elsewhere, IEA stated that the emergence of the Omicron variant of the novel coronavirus that causes COVID-19 was reason for economic concern, but pessimism has eased since the end of November. Nevertheless, the IEA warned that new travel restrictions could curb overall demand. Drugmaker Pfizer, meanwhile, says its pill for COVID-19 is nearly 90% effective in trials.
For weather in the continental US, the National Weather Service said heavy rains are expected along parts of the West Coast, which would accumulate as snow in higher elevations. For parts of the Plains states and in the Mississippi River valley, temperatures are expected to be well above average for this time of year.