Natural Gas drops as storm eases off the Gulf
Natural Gas prices dropped today after hurricane storm warnings in the gulf have been cleared of erupting into anystorm of great magnitude. Now that the storm fears are over electricity prices dropped in the afternoon causing electrcity providers reprice accounts and request new contracts for those that lagged behind prior to the rate decrease.
Businesses Contract at lower energy rates
Several businesses were able to contract at lower electric prices while their contracts remained on hold during this rate fluctuation. This doesn’t mean that hurricane season is over. We could see further storms approaching the gulf inÂ the future but for right now things appear to be safe.
ForbesÂ energy story continues fears
This is part of the story put out by Forbes that continued fears and then eased fears thatÂ the storms could hit the Gulf’s refineries.
“Energy futures surged in volatile trading Wednesday on concerns that two tropical storms will hit oil and gas installations in the Gulf of Mexico.
Futures gave up some ground but were still sharply higher as a new forecast suggested Tropical Storm Dean could pass to the south of the Gulf, missing the region entirely or returning much diminished in strength.”
Since then Natural Gas futures came down a dramatic 2%
Several Energy providers repriced electric rates in the news of natural gas futures dropping to a level where prices needed to be adjusted in favor of the customers they are providing electric rates to.