US natural gas extends rally
The US benchmark price for natural gas continued to hover around the $5.00/mn Btu mark on November 24 in one of the last trading days before the front-month contract expires.
The December gas delivery contract was up 1% as of 12:27 GMT to trade at $5.02/mn Btu. That follows a 3.7% gain in the previous session.
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On the domestic front, US senator Elizabeth Warren, a Democrat representing Massachusetts, sent a letter to 11 different oil and gas companies demanding answers on the steady rise in commodity prices.
“I am writing regarding my concern about rising natural gas prices for American consumers, the impact this will have for families struggling to pay their bills and keep their homes warm this winter, and the extent to which these price increases are being driven by energy companies’ corporate greed and profiteering as they ‘moved record amounts of US gas out of the country,” she wrote.
Like some of her fellow Democrats who are calling for a moratorium on crude oil exports, Warren said she was concerned that US operators were exporting more natural gas “while limiting domestic supply.”
For the upcoming US holiday, the National Weather Service shows few major alerts or warnings in place. A cold from coming in from Canada later in the week could bring light snow to the Great Lakes region and into the Appalachians later in the week.