Articles tagged Hurricanes

Natural gas futures rallied five out of six sessions leading into Wednesday in large part because of expectations for a paltry storage print this week.

Foreseeable risks from swelling natural gas inventories and an active hurricane season in the Atlantic Basin could bring more volatility to commodity prices in the coming months, a market expert said this week at an industry conference.

Prompt month natural gas futures rallied for only the second time in two weeks on Wednesday, gaining ground on lower production data and vows from a key player to drop rigs and cut output to help align currently robust supplies with modest winter demand.

Record-warm ocean surface temperatures fueled above-average activity during the 2023 Atlantic hurricane season. Still, the storms steered clear of the U.S. energy complex and made no lasting impact on natural gas production or prices.

Natural gas futures continued to slide midweek with the threat of another tropical disturbance keeping traders on guard even amid the ongoing heatwave suffocating much of the Lower 48. The September Nymex gas futures contract settled Wednesday at $2.497/MMBtu, off 6.3 cents on the day. October futures were down 6.0 cents to $2.592.

Researchers at Colorado State University (CSU) anticipate a slightly below-average Atlantic hurricane season in 2023. This is principally due to the likely development of the El Niño weather phenomenon.

Although current climate patterns portend a rather mild winter overall this year, historical comparisons indicate that December could be quite cold, according to WeatherBELL Analytics LLC meteorologist Joe Bastardi.

Boosted by late-season heat, domestic storage concerns and robust global demand, natural gas futures on Wednesday rallied for a fifth-straight session. The October Nymex gas futures contract spiked 83.0 cents day/day and settled at $9.114/MMBtu, marking its biggest jump in the latest bull run. November gained 83.3 cents to $9.167.

The Atlantic hurricane season is underway, and the U.S. natural gas industry is taking extra measures this year to be better prepared for major storms that could have far-reaching impacts amid lower domestic storage inventories and tight global energy markets. 

Colorado State University (CSU) meteorologists are forecasting an above-average hurricane season in the Atlantic basin this season, citing the unlikelihood of a significant El Niño weather pattern.