With the natural gas demand impacts from former Hurricane Florence’s destruction in the Carolinas appearing less pronounced than previously predicted, shortly before 9 a.m. ET the October futures contract was trading about 2.1 cents higher Monday morning at around $2.788/MMBtu.
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Florence Makes Landfall as Outages Reported in Carolinas; October Natural Gas Called Lower
With Hurricane Florence making landfall in the Carolinas and the market left to wait to assess the storm’s full impact, October natural gas futures were trading slightly lower shortly after 8 a.m. ET Friday, down about 0.8 cents to $2.809/MMBtu.
Florence Still Bearing Down on East Coast as October Natural Gas Called Higher
With forecast guidance steady overnight and the market continuing to gauge the potential impact of Hurricane Florence as it bears down on the East Coast, October natural gas futures were trading about 1.4 cents higher Wednesday morning at around $2.842/MMBtu.
Gas Pipelines, Utilities Stepping up Preparedness Efforts as Florence’s Aim Becomes Clearer
Natural gas distribution companies and electric utilities ramped up their preparedness efforts as the path of Hurricane Florence, a Category 3 storm as of 2 p.m. ET Wednesday, took a notable shift and was set to approach the coast of North Carolina or the northern coast of South Carolina beginning Thursday.
USGS Finds More Promising East Coast Basins
The U.S. Geological Survey (USGS) said it estimates that five Mesozoic shale basins along the East Coast collectively hold a mean of nearly 3.9 Tcf in undiscovered natural gas and 135 million bbl of undiscovered natural gas liquids (NGLs), according to an abstract released Wednesday.
Natural Gas Futures Drop, Approach Two-Year Low
With Hurricane Florence spinning harmlessly off the East Coast and moderate temperatures engulfing large regions of the country, October natural gas futures on Monday continued to explore lower price levels. The prompt month put in a low for the day of $5.440 before settling at $5.670, down just half a penny on the day.