Natural gas futures pulled back in early trading Monday as the market began to take stock of the damage caused by Hurricane Ida, which made landfall along the Louisiana coast over the weekend to devastating effect. 

NGI Morning Natural Gas Price & Markets Coverage

As of 8:45 a.m. ET the October Nymex contract was down 10.4 cents to $4.284/MMBtu, but the prompt month went as high as $4.526 when after-hours trading resumed on Sunday.

As of Sunday all eight transmission lines that deliver power to New Orleans were out of service as a result of the “catastrophic intensity” of Ida, according to Entergy Corp.

The Bureau of Safety and Environmental Enforcement (BSEE) said as of Sunday, 2.090 Bcf/d, or 93.75%, of the natural gas produced in the Gulf of Mexico (GOM) before Ida had been shut-in. Around 1.74 million b/d (95.65%)...