Nat Gas Climb Continues
September 07, 2021
Hurricane Ida knocked out 94% of offshore Gulf of Mexico gas production last week. The Gulf produces about 5% of U.S. natural gas. Louisiana operations were also impacted and the state accounts for 9% of U.S. marketed production. The spot market responded as the Henry Hub benchmark soared to $4.70/mmbtu on September 1. It’s a far cry from $1.50/mmbtu in June of 2020. Bloomberg reports it as an “historic surge.”