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US Higher on Supply Disruption from Hurricane Ian

NATGAS

US Natgas rallies with the arrival of hurricane Ian into the Gulf of Mexico and strong LNG exports.

    • US Natgas OCT 22 up 2% at 7.04$/mmbtu
  • BP and Chevron shut offshore production and is evacuating personnel from Na Kika, Thunder Horse, Petronius and Blind Faith platforms. The combined output from the platforms is 840mmcf/d. The hurricane is due to reach landfall in Florida on Friday and is not a threat to central Gulf of Mexico rigs.
  • US production was 101bcf/d yesterday and demand near normal at 65.5bcf/d with warm weather expected in the west and near normal in the east.
  • Strong export demand is also supporting prices with deliveries to LNG export terminals up at 12.15bcf/.d and exports to Mexico at 6.8bcf/d.

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