Rally continues for Henry Hub
The November contract for Henry Hub, the US benchmark for the price of natural gas, continued its rally on October 15 on the back of lower storage levels.
Henry Hub was up some 1.2% as of 11:16 GMT to trade at $5.75/mn Btu. For the week, the benchmark so far is up 3.2%, recovering from a loss of nearly 4% during trading October 11.
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The US Energy Information Administration stated in its monthly market report for October that it expected Henry Hub to average $5.67/mn Btu from now until March 2022, the highest expected average since the 2007-08 winter heating season in the Northern Hemisphere.
The EIA attributed the high estimate to below-average storage levels.
Overseas, and the contract for November gas delivery at the Dutch TTF gas hub was down some 6% at €95.8/MWh, moving sharply lower after a somewhat even start to the trading day.