Hurricane Katrina barreled ashore with the eye just east of New Orleans Monday morning, shutting in about 8.3 Bcf/d or more than 80% of the 10 Bcf/d of natural gas production in the Gulf of Mexico. The expiring September futures contract shot past $12 Sunday night/Monday morning, but slipped during the session Monday to go off the board at $10.847, up $1.055 from Friday’s close. The Henry Hub, closed in a force majeure action early Monday, reopened for business late in the day. The U.S. Coast Guard expected to be able to send out planes over the Gulf Monday night or Tuesday morning to assess damage.
Articles from Ashore
The moderately softening status quo remained in effect for the cash market Thursday. Declines of about a dime or less prevailed at most points, although double-digit moves were reported for the Rockies/Pacific Northwest region. The smallest drops of less than a nickel were concentrated at cool Northeast citygates.
CMS Energy Corp. is capitalizing on a large supply of liquefied natural gas (LNG) in the world market and is bringing two new LNG shipments to its CMS Trunkline LNG complex at Lake Charles, LA, in September. They are being delivered by CMS Marketing, Services and Trading, and by Duke Energy Corp.
CMS Energy Corp. said two new liquefied natural gas (LNG)shipments will be received at its CMS Trunkline LNG complex at LakeCharles, LA, in September. The shipments are being delivered by CMSMarketing, Services and Trading, and by Duke Energy Corp.
Gulf producers battened down the hatches on hundreds ofplatforms yesterday, shut in more than 2.5 Bcf/d of gas andscrambled ashore as Tropical Storm Earl, which seemed to pop out ofnowhere Monday, rapidly gained strength and appeared likely tobecome the Gulf’s first hurricane by this morning. At 4 p.m.yesterday, the National Weather Service said hurricane warningswere in effect from Pascagoula, MS, to Cameron, LA. Hurricanewatches were in effect from east of Pascagoula to Destin, FL, andwest of Cameron to High Island, TX. Earl was centered near 27degrees north latitude and 93 degrees west longitude, moving northnortheast at 12 mph with 60 mph winds. The NWS said it expectedEarl to become a hurricane prior to landfall.