MTECHTIPS-U.S. natural gas sees bumpy trade in Harvey’s aftermath

MTECHTIPS-U.S. natural gas sees bumpy trade in Harvey’s aftermath

MTECHTIPS- U.S. natural gas futures struggled for direction on Tuesday, as market players continued to assess the damage from Tropical Storm Harvey. U.S. natural gas for October delivery was at $2.962 per million British thermal units by 8:10 AM ET (1210 GMT), little changed on the day. It fell to its lowest since August 9 at $2.880 on Monday, before reversing course to end 1.3% higher, as damage from Harvey was seen disrupting gas production in the Eagle Ford shale and the Gulf of Mexico. Massive floods caused by Harvey forced several producers to scale back output along the U.S. Gulf Coast. The storm, which made landfall on Friday, is poised to regain strength before crashing ashore again near the Texas-Louisiana border Wednesday. However, gains were held in check amid expectations that production losses would be more than offset by reductions in demand due to cooler temperatures and power outages. Comfortable temperatures will continue over the central and east-central U.S. in the next five days, with highs only in the 70s to lower 80s as weather systems sweep through. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on late-summer cooling demand
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