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Natural gas futures retreated on Monday amid weaker market signals; including storage capacity extensions. This has sent November prices as much as 46 cents below Friday’s close. The November Nymex contract ultimately settled Monday at $6.470/MMBtu, down 29.6 cents.
Gas prices recovered on Monday, led by large upward swings on the East Coast. NGI’s Spot Gas National Average climbed 21.5 cents to $4.750.
The losses in the futures market were fast and forceful at the start of the week. The November Nymex contract opened Monday’s session at $6.800 but quickly lost ground as trading got underway.
Among the bearish signals facing the gas market was a near-term weather forecast that does not act enough to stimulate demand. The US is getting prepared for cooler weather near the Canadian border, while rains could persist over the Mid-Atlantic Coast amid remnants of Hurricane Ian.
About 369,000 Florida Power & Light Co. (FPL) customers remained without electricity on Monday following the deadly storm, but the utility expects complete restoration to 95% of those by next Friday. As of midday, FPL had restored power to 83% of affected customers.
Duke Energy Florida expected to have all affected customers restored by Monday night, except those in hard-hit areas that will require more extensive work. Bloomberg data showed production at around 102.3 Bcf/d on Monday, off from above 103 Bcf/d over the weekend but still near record highs.
