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Oct NYMEX natural gas claws back some losses to $2.910/MMBtu on warmer outlook

London (Platts)--11 Sep 2017 1118 am EDT/1518 GMT


NYMEX October natural gas futures posted modest gains in US overnight trading leading up to Monday's open, as weather-related demand support implied by warmer midrange forecasts undermined demand-side reductions associated with the current severe weather.

Power Factbox: Irma leaves more than 6 million in Florida, Georgia without power

Having shed 9.1 cents Friday, at 7:10 am ET (1110 GMT) Monday the contract was 2.0 cents higher at $2.910/MMBtu.

The onslaught of Hurricane Irma in the southeastern US has already begun to curtail electricity demand, with customer outages in Florida estimated at 1.8 million as of Sunday afternoon.

Irma poses the most immediate risk to the demand side, but market participants are already looking beyond the current demand erosion toward stronger cooling demand further out as midrange weather outlooks reflect returning heat across major cooling centers.

A late-season warming trend should boost lingering cooling demand, which would limit anew the amount of gas available to be moved into underground storage facilities.

--Staff reports, newsdesk@spglobal.com
--Edited by Maurice Geller, maurice.geller@spglobal.com

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