October natural gas futures surge again

Natural gas futures rallied for a fourth consecutive day, reaching a new 2021 high on Friday as the vast majority of Gulf of Mexico (GOM) production remained offline in the wake of Hurricane Ida and traders continued to mull supply/demand imbalance concerns.

The October Nymex contract gained 7.1 cents day/day and settled at $4.712/MMBtu, the highest mark for a prompt month since November 2018. The November futures contract rose 7.0 cents to $4.762.

Cash prices were mixed, with ongoing gains in the West but declines in the Northeast. NGI’s Spot Gas Natioinal Avg. shed 6.0 cents to $4.420.

Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.

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