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    US natural gas price falls on Omicron concerns

Summary

Concerns about the new variant of the novel coronavirus took more than 10% off the price of crude oil last week.

by: Daniel Graeber

Posted in:

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

US natural gas price falls on Omicron concerns

The US benchmark for the price of natural gas followed broader markets lower on November 29 on concerns the Omicron variant of the coronavirus could curb economic growth.

The January gas delivery contract at the US Henry Hub was down about 7.1% as of 12:20 GMT to trade at $5.09/mn Btu. The December contract expired November 26.

US president Joe Biden is expected to give updates on the US response to a new variant that is highly contagious and able to evade current vaccines. Several major economies have already imposed travel restrictions to keep new infections at bay.

On the weather front, the US National Weather Service is forecasting a spell of moderate weather for much of the continental US.

“A quieter and warmer pattern is in store for much of the country as upper-level energy remains either over Canada or stationary off the Baja coast (off California),” the latest forecast read.