Natural gas futures advanced in New York on concern supplies for the cold-weather months in the U.S. will be less than anticipated after hurricanes Ike and Gustav disrupted output in the Gulf of Mexico.
About 4.56 billion cubic feet of daily gas output, or 62 percent of the Gulf total, is offline because of the hurricanes, government data show. The Gulf accounts for about one-seventh of U.S. gas production. Price gains accelerated after Chesapeake Energy Corp. said low prices may prompt companies to cut output.
``Natural gas is going to decouple from crude oil and trade on its own merit more as we head into winter,'' said Chris Jarvis, president of Caprock Risk Management LLC in Hampton Falls, New Hampshire.
(I love it when we are long and this happens.-))
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