Henry Hub price on pace for weekly decline
The US price for natural gas was trending lower during the December 17 session following a federal report of a slight increase in supplies and a decline in consumption.
The January delivery contract at the US Henry Hub was down 2.8% as of 12:25 GMT at $3.66/mn Btu. The price is on pace for at least a 5% decline on the week should the trend continue.
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The decline follows a weekly federal report on supply and demand. The US Energy Information Administration reported that the total supply of natural gas increased 0.4%, while consumption declined 1.4% during the week ending December 15. That marks the second week in a row for a slump in demand.
The winter season so far in the continental US has been relatively mild, with parts of the country posting record-high temperatures for this time of year.
The National Weather Service forecasts heavy rains with a chance of severe thunderstorms for the southern Plains states and into the Mississippi River valley through the weekend. Moderate to heavy snow with a chance of freezing rain is expected for the northern New England states.
But for parts of the West Coast, an Alberta clipper system is expected to bring snow for parts of the northwest, western Montana and northern Idaho over the next few days.