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\u2019s 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\u2019s 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\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s 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\u2019s Spot …<\/p>\n","protected":false},"author":13,"featured_media":32964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7123,10008,6951,7433],"class_list":["post-73372","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-demand","tag-hurricane-ian","tag-natural-gas","tag-supply"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=73372"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73372\/revisions"}],"predecessor-version":[{"id":73377,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/73372\/revisions\/73377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32964"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=73372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=73372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=73372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}