Though still early for a full assessment of former Hurricane Ida, natural gas futures traders on Monday focused squarely on the destruction of natural gas demand brought about by the catastrophic Category 4 storm. The October Nymex gas futures contract, on its first day in the prompt position, settled at $4.305, off 8.3 cents from Friday’s record levels.

markets

At A Glance:

  • Ida slashes gas demand, GOM supply
  • LNG facilities running normally
  • Next storage injection seen tight again

Spot gas prices also weakened as Ida, which had been downgraded to a tropical depression by late Monday, dumped rain and ushered in cooler weather for much of the eastern United States. NGI’s Spot Gas National Avg. slipped a half-cent to $4.280.

With no shortage of images of Ida’s wrath circulating...