- Henry Hub cash and futures prices advanced near highs not seen since last January, reflecting market uncertainty over this year's low gas-storage level which is on course to finish injection season at its lowest in 13 years, Platts reports.
- Adding to the rally, Hurricane Michael strengthened and took aim at Florida's panhandle as it threatens to trim gas production in the eastern Gulf of Mexico.
- At more than $3.30/MMBtu, Henry Hub cash prices are at their highest October level dating back to 2014, according to S&P Global Platts data.
- Strong power burns over the past five weeks have pushed total U.S. gas demand to record levels, keeping spot market gas supply under pressure; since Sept. 1, aggregate U.S. gas demand has averaged 72.5B cf/day, outpacing the 2017 average by 6B cf/day, or ~9%, according to the report.
- Meanwhile, the midwest and northeast U.S. are bracing for unseasonably cold weather expected to boost residential and commercial heating demand.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GASL, FCG, KOLD, UNL, GASX, DCNG, GAZB
- Now read: Explosive Price Action In The Natural Gas Futures Market - Is It Too Early?
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