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Nat Gas Climb Continues

September 07, 2021

Nat Gas Climb

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.” 

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