Baxia Markets
September 08, 2021

Natural Gas Future Skyrockets Amid Hurricane Ida Impact

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The October Nymex contract gained 7.1 cents a 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 declined in the Northeast. NGI’s Spot Gas National Avg. shed 6.0 cents to $4.420.




The cost of the fuel is already at record seasonal highs in most major markets and looks likely to rise further, threatening to dent the recovery from the Covid-19 pandemic. The coming winter may give the world a painful lesson in just how pervasive and vital gas has become for the economy. Unaffordable prices could crimp households’ spending and erode their wages through inflation, giving central bankers some difficult policy choices. Worse still, actual supply shortages could idle swathes of industry, or even trigger blackouts in developing countries, potentially causing social unrest. 


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