hurricane ida

U.S. Petroleum Production, Demand Flat as Ida’s Impacts Linger

U.S. Petroleum Production, Demand Flat as Ida’s Impacts Linger

The aftershocks of Hurricane Ida kept a lid on petroleum output and demand last week, long after the storm hammered Louisiana and production facilities in the Gulf of Mexico (GOM) on Aug. 29, the latest U.S. Energy Information Administration (EIA) inventory report showed. For the week ended Sept. 10, production inched ahead to 10.1 million…

September 15, 2021
Supply Worries, Strong Cash Prices Boost October Natural Gas Futures to 2021 High

Supply Worries, Strong Cash Prices Boost October Natural Gas Futures to 2021 High

Natural gas futures on Tuesday extended the ferocious rally launched a day earlier, hitting a high point for the year, as traders fixated on supply/demand imbalance concerns and cash prices continued to escalate. The October Nymex contract gained 2.9 cents day/day and settled at $5.260/MMBtu. A day earlier, the prompt month soared nearly 30 cents.…

September 14, 2021
Natural Gas Futures, Cash Prices Soar Above $5.00 as Nicholas Amplifies Production Worries

Natural Gas Futures, Cash Prices Soar Above $5.00 as Nicholas Amplifies Production Worries

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…

September 13, 2021
Ida Cripples U.S. Petroleum Production and Curbs Demand, EIA Confirms

Ida Cripples U.S. Petroleum Production and Curbs Demand, EIA Confirms

After Hurricane Ida crashed ashore in Louisiana late last month, it left in its wake massive oil production cuts as companies struggled to restart offshore platforms amid damage, flooding and power outages, the latest U.S. Energy Information Administration (EIA) inventory report showed. Production for the week ended Sept. 3 dropped to 10.0 million b/d from…

September 9, 2021
Natural Gas Forward Prices Flirt with $5 as Slow Production Recovery Intensifies Supply Concerns

Natural Gas Forward Prices Flirt with $5 as Slow Production Recovery Intensifies Supply Concerns

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…

September 9, 2021
Post-Ida, Most GOM Natural Gas, Oil Still Offline, with Louisiana Repairs Limping Along

Post-Ida, Most GOM Natural Gas, Oil Still Offline, with Louisiana Repairs Limping Along

Close to 77% of the total natural gas and oil produced in the Gulf of Mexico (GOM) remained offline Wednesday, more than 10 days after Hurricane Ida slammed into the heart of Louisiana’s energy home base in Port Fourchon. The Interior Department’s Bureau of Safety and Environmental Enforcement (BSEE) in a midday update said 77.25%…

September 8, 2021
Talos Working with Authorities to ID Owner of Leaking GOM Oil Pipeline

Talos Working with Authorities to ID Owner of Leaking GOM Oil Pipeline

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…

September 8, 2021
Venture Global Starts Plaquemines LNG Construction, but Hurricane Ida Stalls Work

Venture Global Starts Plaquemines LNG Construction, but Hurricane Ida Stalls Work

Initial construction activities have started at the Plaquemines liquefied natural gas (LNG) export project in Louisiana, the development’s sponsor told federal regulators on Tuesday. In a Tuesday FERC filing, Venture Global LNG Inc. said work began at the terminal site on Aug. 18, but was halted on Aug. 27 as Hurricane Ida approached the Louisiana…

September 8, 2021
Production Declines Beyond Ida Shut-Ins Help Lift Natural Gas Futures Early

Production Declines Beyond Ida Shut-Ins Help Lift Natural Gas Futures Early

An observed drop in Lower 48 production and strength in global prices helped natural gas futures rebound in early trading Wednesday. After slipping 14.4 cents in the previous session, the October Nymex contract had recovered 7.9 cents to trade at $4.647/MMBtu as of around 8:50 a.m. ET. The American and European weather models saw “minor”…

September 8, 2021
Ida’s Impacts Lingering as Natural Gas Futures Pare Gains Early

Ida’s Impacts Lingering as Natural Gas Futures Pare Gains Early

After surging higher last week, natural gas futures pulled back in early trading Tuesday as analysts continued to mull ongoing impacts to both demand and supply from Hurricane Ida. The October Nymex contract was down 6.7 cents to $4.645/MMBtu as of 8:45 a.m. ET. Looking at the latest supply and demand data points early Tuesday,…

September 7, 2021
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