hurricane ida

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”…

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,…

Hurricane Ida may be long gone, but bitter memories of its torrid march through the Gulf of Mexico (GOM) and into the Lower 48 were slowing recovery efforts by the natural gas and oil industry. Producers that work offshore were struggling to return crews to platforms and rigs on Friday. Extensive damage in Louisiana’s Houma…

Though long gone from the Gulf Coast, Hurricane Ida’s devastation continued across the eastern United States ahead of the Labor Day weekend, wiping out significant production and causing widespread power outages along the way. Supply’s slow expected recovery fueled bullish momentum across natural gas forward curves for the trading period ending Sept. 1, resulting in…

A major hurricane and a corresponding dramatic pullback in offshore drilling numbers saw the overall U.S. rig count plummet 11 units to 497 for the week ended Friday (Sept. 3), according to the latest figures published by Baker Hughes Co. (BKR). Net changes in the United States included a 16-rig decrease in oil-directed drilling and…

Natural gas futures on Thursday reached a 2021 high for a third straight session, bolstered by still weak production levels following Hurricane Ida and fresh government inventory data that punctuated worries about anemic storage supplies. At A Glance: Futures extend rally to three days EIA storage print proves bullish Production low in Ida’s wake The…

Though long gone from the Gulf Coast, Hurricane Ida’s devastation continued across the eastern United States ahead of the Labor Day weekend, wiping out significant production and causing widespread power outages along the way. Supply’s slow expected recovery fueled bullish momentum across natural gas forward curves for the trading period ending Sept. 1, resulting in…

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…

Natural gas futures jumped higher Wednesday, building on the prior day’s gains, as traders absorbed news of the production disruption imposed by Hurricane Ida and fixated on the specter of inadequate inventories ahead of winter. At A Glance: Futures hit fresh 2021 high Production remained precarious Storage concerns festered The October Nymex contract surged 23.8…