Nat Gas News – October 10, 2017

Nat Gas News – October 10, 2017

Hurricane Nate Shuts Down about 90% of Gulf of Mexico Oil Production

CNBC reported: Oil production slowed to a trickle in the Gulf of Mexico this weekend as energy companies turned off the taps and evacuated workers in preparation for Hurricane Nate. More than 92 percent of crude output was offline in the nation’s offshore production hub as of Sunday morning, according to the U.S. Bureau of Safety and Environmental Enforcement. Energy companies also “shut in” nearly 78 percent of natural gas production, the bureau estimated, based on reports from companies. On Monday, it appeared that much of the vast infrastructure had emerged from the storm unscathed and production at offshore platforms could soon resume. For more visit cnbc.com or click http://cnb.cx/2xwoEwQ

The East Coast’s Warm Fall Spells Trouble for Gas Bulls

Bloomberg reported: From Boston to Chicago, overnight temperatures are lingering above 60 degrees Fahrenheit (16 Celsius) at a time when they usually begin dropping into the 50s and below, AccuWeather Inc. data show. Homes and businesses are using the least gas for seasonal heating in PointLogic Energy data going back a decade, and energy consultant EBW AnalyticsGroup predicts this “blowtorch October” will make an even bigger dent in demand before the month ends. Forecasts are showing a “huge loss of space heating demand during the second half of the month,” Andrew Weissman, chief executive officer of EBW AnalyticsGroup in Washington, said in a note to clients Monday. “Unless the forecast shifts again, the November contract is likely to fall” to $2.70 per million British thermal units or lower, at least 13 cents below Monday’s close. This warmth hasn’t been nationwide, however. Frost and freeze warnings and watches reached from Minnesota and Wisconsin to New Mexico and parts of Texas on Monday, according to the National Weather Service. For more on this story visit bloomberg.com or click https://bloom.bg/2y5Gz1Q