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.

markets

At A Glance:

  • Ida knocks off GOM production
  • Storage trajectory worrisome
  • Lingering heat fuels cash

This was after natural gas futures reached for the stars Friday, exploding higher for a second day as Hurricane Ida appeared to be steering clear of liquefied natural gas (LNG) export facilities as she churned toward the Gulf Coast. The Nymex September contract rolled off the board at $4.370, up 18.6 cents day/day and up 47.3 cents over the past two sessions. The October futures contract settled at $4.388, up 17.7 cents from Wednesday’s close.

Spot gas prices...