U.S. natural-gas futures settle lower on Tuesday, on track to post a loss for the month, with Hurricane Idalia potentially having little impact on energy...
U.S. natural-gas futures settled lower on Tuesday, on track to post a loss for the month, with Hurricane Idalia expected to have little impact on energy production as it remains on track to reach the Gulf Coast of Florida Wednesday.
Offshore Alliance, which is a partnership between the Australian Workers’ Union and Maritime Union of Australia, said on Tuesday that its members will be participating in rolling stoppages, bans and limitations,” at Chevron’s three west coast Australian facilities from Sept. 7, S&P Global Commodities Insights reported, citing the alliance’s Facebook page.
Now that Woodside has reached agreements with its unions and the threat to Chevron’s sites is “only for a ‘partial’ stoppage , it is really not a big issue,” he said. “It also had only an initial tangential impact on U.S. markets, mostly from a financial perspective, and now not at all.” Given that, traders are “shorting gas as they worry about regional storages becoming full and prices becoming depressed in early winter,” he said. “The strengthening El Nino pattern should also give us some more mild weather in the northeast for early winter and that has taken a lot of strength out of the markets.”
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