Updated Aug 22, 2024
8/22/24
Houston-based CenterPoint Energy Inc., which has faced a barrage of criticism since Hurricane Beryl stormed ashore in early July, said it would cooperate with the investigations underway by Texas officials.
Natural gas futures rallied five out of six sessions leading into Wednesday in large part because of expectations for a paltry storage print this week.
The major ports along the upper Texas coast were set to reopen on Tuesday as cleanup continued in the aftermath of former Hurricane Beryl, but operations at a major LNG export facility remained shuttered.
August Nymex natural gas futures settled up 5.2 cents on Monday in a relief rally following eight days of decline.
August natural gas futures began the week deep in oversold territory but with a clear line of sight on the next key technical support level should Hurricane Beryl cause significant demand destruction.
Natural gas futures were trading higher in midday trading Monday as early indications showed the Gulf Coast avoided prolonged LNG terminal outages with the weakened Beryl.
Hurricane Beryl weakened after coming ashore in Texas early Monday and was downgraded to a tropical storm after it disrupted some LNG feed gas demand along the U.S. Gulf Coast.