October Nymex natural gas (NGV24) on Monday closed up by +0.179 (+7.35%).
Oct nat-gas prices Monday rallied sharply to a 3-month high on concern a tropical storm developing in the Caribbean will strengthen into a hurricane as it moves north and disrupt nat-gas production in the Gulf of Mexico. The tropical storm will be named Helene if it becomes more organized. The US National Hurricane Center said Monday that the storm is expected to strengthen as it moves north through the Gulf of Mexico and could make landfall somewhere between New Orleans and Florida's west coast. According to the EIA, 5% of total US dry nat-gas production comes from the Gulf of Mexico, and 51% of total US nat-gas processing plant capacity is located along the US Gulf coast.
