The commodity almost hit the $10 per MMbtu mark for the first time. U.S. Henry Hub prices have climbed to a record high, Rystad Energy analyst Lu Ming Pang highlighted in a market note sent to Rigzone on Wednesday. The commodity almost hit the $10 per MMbtu mark for the first time, Pang outlined, adding that Henry Hub has typically averaged about $2 to $4 per MMbtu in previous summers. “Prolonged abnormal weather and a high demand for LNG internationally has applied upwards pressure on prices,” Pang said in the note. “Mild weather in the past week has reduced gas-for-power demand for cooling, resulting in 5.4 billion cubic feet per day (Bcfd) taken off gas demand. Given that domestic natural gas production has decreased by only 1.1 Bcfd, it appears that Henry Hub prices are responding to the reverberations in Europe, as compared to domestic fundamentals,” Pang added. In […]