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.

Texas Prices

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,...