For months, we have been noticing an increase in natural gas futures. October 2021 NYMEX natural gas futures were trading at $4.655/MMBtu as of 2:00 p.m. EST today. Just a few days ago, the September 2021 NYMEX natural gas future settled at $4.370/MMBtu and the October 2021 NYMEX natural gas futures were trading at $4.379/MMBtu.
Natural gas storage inventories are at 2,871 Bcf. To put this into perspective natural gas inventory is currently:
– 16.8% or 579 Bcf below this same time period as last year.
– 7.2% or 222 Bcf below the 5 year average.
Underground storage only injected 20 Bcf for the week ending August 27, 2021.
As of yesterday, September 1, 2021, approximately 83.2% of the Gulf of Mexico’s natural gas production is still shut down due to Hurricane Ida. Hurricane Ida made landfall on August 29, 2021 and parts of the United States are still feeling the impact of the hurricane.
We recommend that you connect with your Energy Advisor for updated natural gas and electricity pricing even if your supply agreement is not nearing expiration.