NatGas Prices Soar with Hurricane Ida Shutting Down Gulf Production

Say a prayer for the folks in Louisiana. Hurricane Ida made landfall Sunday as a Category 4 storm near Port Fourchon, Louisiana. Gov. John Bel Edwards described it as "one of the strongest storms to make landfall here in modern times." As the storm worked its way through the Gulf of Mexico, nearly all (95%) of the oil and natural gas platforms in the Gulf went offline and evacuated personnel in preparation. Given supplies going offline, and given the hurricane missed major LNG export facilities (meaning they will continue to operate), the price of natural gas skyrocketed, closing at $4.37 and (according to some analysts) on its way to a modern-era high of $4.50 or more.

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