US natural gas price falters after major rally
The US benchmark for the price of natural gas was inching lower early in the December 28 session despite the forecast for extreme cold for parts of the country.
Now in the February contract, Henry Hub, the US benchmark, was down 0.74% as of 12:33 GMT to trade at $3.91/mn Btu. The contract posted an 8.8% surge during the previous session to close at $4.06/mn Btu.
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European prices, meanwhile, are finally on the decline on word that US shipments of LNG could help ease some of the supply-side concerns in the market.
In weather, the National Weather Service said to expect bitterly cold weather for parts of the northern Plains states, with daily temperatures for parts of Montana and North Dakota falling to around minus 20 degrees Fahrenheit (minus 28 Celsius).
States along the Gulf of Mexico, meanwhile, can expect record high temperatures for this time of year, but the rest of the continental United States is bracing for a round of inclement winter weather. Winter weather advisories are already in place for parts of the Midwest and Great Lakes. A mix of freezing rain with the possibility of around 3 inches (7.6 cm) are expected for most of Wisconsin.