Natural gas futures held steady early Tuesday as traders attempted to assess the potential impacts of Hurricane Idalia, which was seen strengthening as it barreled toward the coast of Florida.
The expiring September Nymex contract was off 0.6 cents to $2.573/MMBtu at around 8:40 a.m. ET, while October was up 0.7 cents to $2.672.
Hurricane Idalia was about 320 miles south-southwest of Tampa, FL, as of 8 a.m. ET Tuesday, the National Hurricane Center (NHC) said.
Idalia was expected to “become an extremely dangerous major hurricane” on its way to making landfall along Florida’s Gulf coast Wednesday, the NHC said.
“Hurricane Idalia is expected to rapidly intensify today and tonight and come ashore somewhere in the Big Bend area of Florida as a major hurricane…