Henry Hub rally resumes
The December gas delivery contract at the US Henry Hub rallied early in the November 2 session after the White House said it would tighten rules on the fossil fuels sector.
The contract was up 2.24% as of 11:28 GMT, trading at $5.30/mn Btu. The benchmark had softened during the previous session on signs of ample supply.
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The COP26 climate summit in Glasgow started this week and brought with it the usual environmental pledges. US president Joe Biden is expected to introduce measures to stave off emissions of methane, beginning with oil and gas wells and other upstream infrastructure, the Reuters news service reported.
“This proposal is absolutely bold, aggressive and comprehensive,” US Environmental Protection Agency Administrator Michael Regan told Reuters.
Biden’s proposal follows a similar plan unveiled jointly by the UN Environmental Programme (UNEP) and the European Union.
“(The International Methane Emissions Observatory) will improve the reporting accuracy and public transparency of human-caused methane emissions,” their joint statement read. “IMEO will initially focus on methane emissions from the fossil fuel sector, and then expand to other major emitting sectors like agriculture and waste.”
UNEP found that reducing emissions of methane, a greenhouse gas with more warming potential than carbon dioxide, could cut some 0.28 degrees Celsius from current forecasts for average global temperature increases.