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

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Make a Call

We are happy to discuss your business challenges over the phone and answer any questions.

800.695.6626

Send Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote