Gulf Of Mexico

Natural gas futures surged on Monday as a new tropical storm threatened to further shake the Gulf of Mexico’s (GOM) production foundation, a development that could hamper supply/demand balances at a time when gas in storage for winter is already light. The October Nymex contract cruised 29.3 cents higher day/day and settled at $5.231/MMBtu. November…

Natural gas forward prices exploded higher through the trading period ending Sept. 8 as hefty production outages lingered following Hurricane Ida, creating more uncertainty about whether U.S. supplies would be sufficient for the winter.  October fixed prices rallied by an average of 26.0 cents, while prices for the November and winter (November 2021-March 2022) strips…

Talos Energy Inc. is working with state and federal authorities to identify the owner of an oil pipeline that appears to be leaking in Louisiana state waters. The Houston-based independent exploration and production (E&P) company on Tuesday said it continued to lead the efforts to contain and control the oil release, which likely occurred following…

Natural gas and oil production taken offline in the Gulf of Mexico (GOM) by Ida is not coming back as quickly as first advertised, federal officials said Thursday. Following major storms in the GOM, the Bureau of Safety and Environmental Enforcement (BSEE) compiles daily reports from operators. On Thursday, it was clear that something had…

The devastation wrought by Hurricane Ida to the U.S. Gulf Coast and offshore became clearer on Wednesday, as oil and natural gas operations sputtered to restart. However, only a few customers in New Orleans on Wednesday were able to turn the lights on, as power outages remained widespread along the coast. Reports indicated it could…

The prospect of prolonged Gulf of Mexico (GOM) production shut-ins in the wake of Hurricane Ida helped send natural gas futures higher in early trading Wednesday. The October Nymex contract was up 7.1 cents to $4.448/MMBtu as of around 8:50 a.m. ET. Bullish indicators have increased for the natural gas market since Tuesday morning, according…

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…

The U.S. government confirmed in a court filing it would resume federal oil and gas lease sales — and established a timeline — to comply with a ruling that called for an end to the Biden administration’s moratorium. Critics, however, noted that Biden administration officials intend to stretch the process out over several months as…

Big fluctuations continued along the Nymex natural gas futures curve early Monday as traders wrestled with hotter shifts in the latest weather models and a step up in production. The September contract, which rolls off the board later this week, settled at $3.945, up 9.4 cents on the day. October also picked up 9.4 cents…