Nat Gas News – August 29, 2017
Nat Gas News – August 29, 2017
U.S. Natural Gas Futures Up as Tropical Storm Harvey Hits Production
Reuters reports: U.S. natural gas futures rose more than 1 percent after touching a nearly three-week low on Monday as concerns about a tighter market following Tropical Storm Harvey offset any effects from forecasts of lower cooling demand. About 26 percent of natural gas production in the Gulf of Mexico is offline due to Tropical Storm Harvey, the Bureau of Safety and Environmental Enforcement said in a statement on Sunday. “The offline production of gas in the Gulf of Mexico was more than anticipated and surprising,” said analyst Phil Flynn of Price Futures Group in Chicago. Although demand is expected to decrease due to power outages and cooler weather, supplies have been very tight this season, he added. For more visit reuters.com or click the following link http://reut.rs/2xHqU4S
Hurricane Harvey Closes Key Oil and Gas Facilities in Texas
Bloomberg reports: The shocking images of Houston’s freeways transformed into waterways by the deluge of Hurricane Harvey call to mind similar footage of the floods unleashed on the Gulf coast by Hurricanes Katrina and Rita 12 years ago. Prices of gasoline and other refined products have jumped — a logical outcome, given that about onesixth of U.S. refining capacity has been shut down. Yet crude oil and natural gas prices were either flat or down on Monday morning. The shift away from the hurricane-prone waters of the Gulf of Mexico means even a catastrophic event like Harvey now has little impact on pricing. Indeed, even onshore production in Texas and Louisiana has declined as a share of domestic U.S. natural-gas production in recent years as the first wave of the shale boom has passed and growth has shifted elsewhere, particularly Appalachia. For more on this story visit bloomberg.com or click the following link https://bloom.bg/2xrWsg1
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