Henry Hub bucks broader market trends in move upward
The US benchmark gas price defied broader market trends and forecasts of mild weather to tick up early in the December 20 session.
The January gas contract at the US Henry Hub was up 2.6% as of 12:30 GMT at $3.79/mn Btu. The contract lost nearly 6% during the week ending December 17.
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Broader markets were deep in the red on concerns that the highly contagious Omicron variant of the novel coronavirus that causes COVID-19 could usher in a repeat of deep selloffs that greeted the onset of the pandemic. New York state continues to set new records for infections, Paris cancelled holiday events and the Netherlands went on lockdown recently.
US weather, meanwhile, continues its mild trend for the winter. Higher elevations in the Pacific Northwest can expect up to 30cm of snow. In the south, heavy rainfall, damaging wind gusts and the possibility of tornados exists for states along the eastern shores of the Gulf of Mexico.
But for states in the Plains region and across the Mississippi River valley, the National Weather Service forecasts “abnormally mild temperatures.”