UNL - Natural gas tumbles on weaker demand outlook

Natural gas prices slipped from Friday's near three-year-highs, with the new front-month October contract (NG1:COM) closing -1.9% at $4.305/MMBtu, as Hurricane Ida causes widespread electricity outages in Louisiana and Mississippi. ETFs: UNG, UGAZF, DGAZ, BOIL, FCG, KOLD, UNL, GAZ Gas-focused equities finished mostly lower today: RRC -2.9%, EQT -2.7%, SWN -1.3%, AR -1.1%, but COG +0.7%. The storm supported strong prices last week as it cut offshore natural gas production by nearly 100% as equipment was turned off and workers evacuated as a precaution. Ida may prove to more significantly affect the U.S. natural gas market than the crude oil market, Third Bridge's Peter McNally tells MarketWatch, noting Louisiana is home to the Haynesville Shale, site of nearly half of the rigs drilling for natural gas in the U.S. But while 93.75% of Gulf of Mexico natural gas production was shut in from the storm, that accounted for only 2%

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Natural gas tumbles on weaker demand outlook