Henry Hub moves back toward $4/mn Btu
The US benchmark for the price of natural gas was climbing back toward $4/mn Btu early in the December 13 session, a move that followed a 5% loss during the previous week.
The January gas delivery contract at the US Henry Hub US was up 1.7% as of 12:21 GMT to trade at $3.99/mn Btu. The contract ended the trading day December 10 at $3.93/mn Btu, down 5% for the week.
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In weather, the National Weather Service is warning of heavy snows for parts of the Pacific Northwest. Further south and that turns into heavy rains with the possibility of flooding for parts of southern California.
Abnormally warm weather, meanwhile, is expected further east, with an elevated risk of fire for parts of Texas. Warm, wet weather is in store for parts of the Mississippi River valley and into the Great Lakes region.
Henry Hub may also be under the influence of events in Europe, where a geopolitical risk premium over Ukraine and a low volume of natural gas storage are leading to extraordinarily high natural gas prices.
The foreign ministers from the G7 warned December 12 that any move by Russia to use military force in Ukraine “would have massive consequences.”