North America gas weekly update: Ida impacts continue

Hurricane Ida continues to impact North America gas markets. Offshore GoM production is taking much longer to restore amidst its almost complete outage; Power outages have left large areas around New Orleans still in the dark; and flooding has impaired industrial facilities in southeast Louisiana. Although supply and demand side impacts from Ida are likely to be prolonged, they are netting each other out. Cooling temperatures as we enter the seasonal low point of demand will start to have a larger market impact and perhaps will start tempering the rally of Henry Hub gas prices as storage injections start to rise.