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    US natural gas price tanking

Summary

A forecast for warmer weather is dragging the US benchmark lower.

by: Daniel Graeber

Posted in:

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

US natural gas price tanking

The US benchmark for the price of natural gas lost ground early in the November 30 session amid reports of milder weather ahead for much of the continental United States.

The January gas delivery contract at the US Henry Hub was down 6.1% as of 12:30 GMT to trade at $4.56/mn Btu. That follows a loss of nearly 11% in the previous session.

European natural gas prices are rallying due to low gas storage volumes at the onset of winter. But US natural gas prices have been holding steady at around $5.00/mn Btu since mid-November.

Parts of the Great Lakes region saw moderate snowfall already this week, though a warming trend is expected for much of the continental United States.

The National Weather Service reports that snow turns to rain later in the week for the Great Lakes region. For the Pacific Northwest and the Great Plains, however, “widespread, record-breaking temperatures” are expected.