Updated Sep 25, 2024
9/25/24
Natural gas futures were higher on Monday after the weekend models showed hot weather returning to the Lower 48 following the Labor Day holiday. After soaring to a $2.695 intraday high, the September Nymex gas futures contract settled at $2.579/MMBtu, up 3.9 cents from Friday’s settlement. October futures edged up only eight-tenths of a cent to $2.665.
Detroit-based DTE Energy is continuing to upgrade its natural gas system after recovering from “the most challenging two-week storm period” DTE ever faced, CEO Jerry Norcia said during the first quarter earnings call.
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.
Oil and natural gas companies scrambled on Monday to determine the extent of damage to refineries, pipelines and offshore platforms in the immediate aftermath of the former Hurricane Ida, which made landfall in Louisiana packing winds near 150 mph.
Ida came in like the major hurricane she was, temporarily reversing the course of the Mississippi River and shutting down nearly all of the natural gas and oil produced in the Gulf Mexico (GOM). The aftermath also is looking to be long and difficult as thousands of people may be without power into the fall.
Oklahoma City-based Devon Energy Corp.’s first quarter oil and natural gas production, mostly pulled from the Permian Basin, is likely to be off by 8% because of the wintry freeze that gripped the country in February, the independent said Monday.
U.S. feed gas deliveries were poised to hit their highest point in nearly two weeks on Tuesday as liquefied natural gas (LNG) export operations along the Gulf Coast continued ramping up after a historic winter storm nearly shut them down last week.
In an ominous sign of what may evolve to the end of the year, scorching heat across most of the country failed to spark a rally in natural gas forward prices for the July 16-22 period, according to NGI’s Forward Look.