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    US natural gas on pace for weekly gain

Summary

But Henry Hub risks losing grip on $5.00/mn Btu.

by: Daniel Graeber

Posted in:

Complimentary, Natural Gas & LNG News, Americas, Market News, News By Country, United States

US natural gas on pace for weekly gain

The US benchmark for the price of natural gas traded in negative territory early in the November 19 session.

The December gas deliver contract at the US Henry Hub was down 0.9% as of 12:28 GMT to trade at $4.86/mn Btu.

The downturn comes despite a report from the US Energy Information Administration that working natural gas inventories are 8% lower than this time last year and 2% below the five-year average for this time of year.

The domestic supply of natural gas, meanwhile, decreased 1.7% from the previous week and production declined by 1.1%.

The National Weather Service forecasts that a high-pressure system sweeping south from Canada is expected to bring the coldest temperatures to date for states east of the Mississippi River, barring southern Florida. A couple inches of lake-effect snow are expected for the Great Lakes states, but there may be a bit of a warm up by the end of the weekend for the East Coast.