Natural gas futures dived lower on Tuesday as Hurricane Ian approached the southeastern United States, threatening demand destruction and elevating uncertainty in a thinly traded market heading into prompt month expiration Wednesday. Ongoing energy tumult in Europe tied to Russia’s war in Ukraine added another dose of unease for market participants.

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At A Glance:

  • Production falls to 97 Bcf/d
  • Forecasts for mixed demand
  • NGI models draw of 41 Bcf

The October Nymex gas futures contract on Tuesday shed 25.2 cents day/day and settled at $6.651/MMBtu. November fell 25.4 cents to $6.760.

NGI’s Spot Gas National Avg., in contrast, tacked on 33.0 cents to $5.570.

After making landfall over western Cuba, Hurricane Ian veered toward the southeastern Gulf of Mexico (GOM) Tuesday,...