Natural Gas News – September 2, 2021
Natural Gas News – September 2, 2021
U.S. natgas futures advance after Ida halts Gulf of Mexico output
(Reuters) – U.S. natural gas futures on Wednesday climbed toward a two-and-half year peak scaled earlier this week as key production facilities in the U.S. Gulf of Mexico remained offline while energy firms assessed the aftermath of Hurricane Ida. A total of 1.705 million barrels per day of oil production and 2.107 billion cubic feet per day (bcfd) of natural gas output remain shut following evacuations at 278 platforms due to Hurricane Ida, the Bureau of Safety and Environmental Enforcement said on Tuesday. “There have been some shut-ins recorded because of the recent storm and that has helped push the market higher. When supply is restored, the market will start to ease off,” said Thomas Saal, senior vice president, energy at StoneX Financial Inc. Front-month gas futures NGc1 for October delivery gained 8… For more info go to https://bit.ly/3kNMJdl
Natural Gas Price Fundamental Daily Forecast – Next Reaction Depends
Natural gas futures soared to multi-year highs on Friday as radar showed Hurricane Ida appeared to be moving away from liquefied natural gas (LNG) export facilities as it spun toward New Orleans. LNG export demand has been one of the factors supporting natural gas prices this summer. So damage to facilities would have cut off deliveries. This would have been a bearish development. Bullish natural gas traders would prefer to see LNG continue to flow as much as possible to keep exports strong. Based on the current position of the hurricane, traders should know by Monday’s early opening whether key LNG facilities have been hit by the storm or spared from damage. On Friday, October natural gas futures settled at $4.388, up $0.177 or +4.20%. As of midday Friday, close to half (48.8% of the natural gas produced in the G… For more info go to https://yhoo.it/3Bxokzq
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