Concerns raised over hurricane impact to US natural gas storage

Stocks were 159 billion f³ higher than the same time last year, 233 billion f³ above the five-year average of 3.26 trillion f³. The total of working gas is 3.49 trillion f³, within the five-year historical range. Natural gas prices also fell 26% from 1Q23 to 1Q24, reaching their lowest average monthly inflation-adjusted price since at least 1997.

In 1H24, average US net natural gas exports were 12.6 billion f³/d, a 1% increase from last year. This growth is mainly due to higher LNG exports and exports to Mexico. Since 2017, the US has been a net exporter of natural gas, trading with Canada, Mexico and more than 40 other countries. However, traders are currently concerned about energy infrastructure in the US and the Gulf of Mexico due to potential disruptions caused by Hurricane Helene.

Hurricane Helene is now expected to move towards the Florida Big Bend coast, meaning it will not affect the major oil and natural gas-producing areas near Texas, Louisiana and Mississippi. As of 25 September, 29% of oil production (511 000 bpd) and 17% of natural gas production (313 million f³/d) in the Gulf of Mexico was shut down.

The US Coast Guard reported that several Gulf Coast ports are closed. Port Tampa Bay – which typically handles more than 17 million t of petroleum and natural gas-related products annually – has halted inbound and outbound vessel traffic. The duration of the port closures and Hurricane Helene's effects on the transportation of petroleum and natural gas are currently unknown.

Read the article online at: https://www.worldpipelines.com/special-reports/27092024/concerns-raised-over-hurricane-impact-to-us-natural-gas-storage/