Natural gas prices have been falling since Friday, with the NYMEX November contract currently trading at $2.73 USD/mm.

The big story is that Hurricane Milton spun up over the weekend.  Two important factors: first, this storm is traveling east.  This is quite unusual.  However, it is going to miss all the natural gas infrastructure (LNG facilities, storage facilities, major pipelines, etc.) and slam into the west coast of Florida.  The projected landfall is near Tampa on Wednesday.  This should result in a loss of electricity demand as many houses go without power.  Note that this is in addition to the houses already without power in Georgia and North Carolina from Helene. Chart from NOAA:

Natural gas demand for electricity generation has fallen from the 46bcf/d range the beginning of last month to about 36bcf/day this week.  Milton could cause this to fall further.

In other news, the strike by US east coast dock workers is over after three days.  The two sides agreed to a pay hike and to resume work along with a January 15th deadline to resolve other issues. 

Additionally, heating demand days have exceeded cooling demand days for first time this season. [WFG, FM]