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US natural gas futures for October delivery traded near $2.96/MMBtu on August 29 as traders assessed damage from Tropical Storm Harvey. Flooding forced some Gulf Coast producers to cut output in the Eagle Ford shale and Gulf of Mexico.
Cooler temperatures and power outages were expected to offset those production losses.
Storm-related supply cuts were largely offset by lower cooling demand, so the net price effect is limited and prices stay tied to weather forecasts.
investing.comAug 29, 2017After 15 past neutral weather events, Natural Gas moved a median -5.0% over 5 sessions (27% higher; middle half -11.3% to -0.9%), and +4.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
