NYMEX trading has resumed, pushing the January front month contract up 14 American cents, and mostly offsetting Wednesday’s sell off. Stay tuned though, because it being the Friday after Thanksgiving means that this may not be a reliable reflection of the market’s direction in the coming days, Monday’s activity will be a better indicator.
As we say goodbye to November, we also finally say goodbye to the 2024 Hurricane Season. There’s been no cyclone activity to report for a couple weeks now, and the likelihood of anything developing from here on is slim. In total, we’ve had 18 named storms, 11 hurricanes, and 5 major hurricanes. It’s been a particularly destructive, and record setting year. According to NOAA: Hurricane Beryl in July was the earliest recorded Atlantic basin Cat-5 hurricane, and a top-ranked Cat-5 on the Saffir Simpson scale. Hurricane Helene (possibly the deadliest hurricane for the US since Katrina) and Milton hugely impacted the American Gulf Coast, causing flooding and tornado outbreaks. Milton had the fastest rate of intensification ever observed. As devastating these storms were for those living in the affected areas, the natural gas infrastructure in the Gulf Coast managed to avoid substantial damage this year.
Moving forward, the lower 48 is bracing for lower-than-normal temperatures from now until December 3rd.
Have a great weekend!