Henry Hub slips below $5/mn Btu
The US price for natural gas dipped below $5/mn Btu on November 12, after a holiday-thinned rally in the previous session.
The December gas delivery contract at the US Henry Hub was down 3% as of 12:23 GMT at $4.99/mn Btu. The contract moved higher in the previous session on forecasts of inclement weather in the US. A spillover effect, meanwhile, came from overseas with Belarusian threats of severing gas transit to the European economy.
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US trading was closed November 11 in observance of Veterans Day.
The National Weather Service continues to forecast winter weather for parts of the central US. An Alberta clipper will bring a wintry mix of rain and snow to the northern Plains and into the Great Lakes during the weekend. Most of Oklahoma is under a freeze watch.
The Energy Information Administration, meanwhile, added that commercial storage levels of natural gas increased by 7bn ft3 during the week ending November 5. Working gas storage levels are within the five-year range.
If trends hold, Henry Hub is on pace for a net loss of more than 5% for the week.