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        <title>Hurricane Harvey Energy Impact Dulled By Shale's Rise - Bloomberg</title>
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        <meta name="sailthru.title" content="Katrina, Rita And Harvey Tell Shale's Story">
        <meta name="sailthru.author" content="Liam Denning">
        <meta name="sailthru.tags" content="Generic 1st 'NG' Future,Gas Prices,Texas,Gulf Coast,Energy Industry,Generic 1st 'CL' Future,Generic 1st 'XB' Future,Gulf Of Mexico,Louisiana,SOCIETE GENERALE SA,gadfly">
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        <meta name="sailthru.description" content="The 2005 storms spurred shifts that mute the price impact of today's disaster.">
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    <h2 class="bb-that-category__title">Bloomberg</h2>
    <div class="bb-that-category__content"><p class="bb-that-category__text">Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.</p></div></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">For Customers</h2>
    <div class="bb-that-category__content"><li class="bb-that-category__item"><a class="bb-that-category__link" href="https://bba.bloomberg.net/?utm_source=bloomberg-menu&amp;utm_medium=bcom">Bloomberg Anywhere Remote Login</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://www.bloomberg.com/professional/downloads/?utm_source=bloomberg-menu&amp;utm_medium=bcom">Software Updates</a></li><li class="bb-that-category__item"><a class="bb-that-category__link" href="http://service.bloomberg.com/portal/sessions/new?utm_source=bloomberg-menu&amp;utm_medium=bcom">Manage Contracts and Orders</a></li></div></section>            <section class="bb-that-category">
    <h2 class="bb-that-category__title">Support</h2>
    <div class="bb-that-category__content"><p class="bb-that-category__text"><span>Americas</span>+1 212 318 2000</p><p class="bb-that-category__text"><span>EMEA</span>+44 20 7330 7500</p><p class="bb-that-category__text"><span>Asia Pacific</span>+65 6212 1000</p></div></section>    </li>
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                <div class="eyebrow" data-label="The Deluge">The Deluge</div>
                <h1 class="lede-text-only__hed"><span class="lede-text-only__highlight">Katrina, Rita And Harvey Tell Shale's Story</span></h1>
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                    The 2005 storms spurred shifts that mute the price impact of today's disaster.
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                <address class="lede-text-only__byline">By <div class="author">Liam Denning
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            <span class="lede-media-image__caption caption"><p>HOUSTON, TX - AUGUST 27: In this handout provided by the Army National Guard, Texas National Guardsmen rescue a resident by boat during flooding caused by Hurricane HarveyAugust 27, 2017 in Houston, Texas. Harvey, which made landfall north of Corpus Christi late Friday evening, is expected to dump upwards to 40 inches of rain in areas of Texas over the next couple of days.</p>
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            <span class="lede-media-image__credit credit">Photographer: Handout</span>
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            <p>The <a href="https://www.bloomberg.com/news/photo-essays/2017-08-28/in-pictures-tropical-storm-harvey-wreaks-havoc-across-texas" target="_blank">shocking images of Houston&apos;s freeways transformed into waterways</a>&#xA0;by the deluge of Hurricane Harvey call to mind&#xA0;similar footage of the floods unleashed on the Gulf coast by Hurricanes Katrina and Rita 12 years ago.</p><div class="hardwall" data-position="1"></div><div class="softwall" data-position="1"></div><p>Along with everyone else there, the energy industry tied so closely to this region was hit hard, both then and now. Yet,&#xA0;while the full extent of the latest damage is still to be determined as the disaster is ongoing, it may be that the hurricane seasons of 2005 and 2017 will come to be seen as bookends on a transformation in the U.S. energy business.</p><div class="hardwall" data-position="2"></div><div class="softwall" data-position="2"></div><aside class="inline-newsletter" data-state="ready"></aside><p>Even as they grapple with more existential problems (if they&apos;re in southern Texas or are worried about people who are), energy&#xA0;traders are also confronted with the fact that, by and large, the markets they deal in appear largely unperturbed. Prices of gasoline and other refined products have jumped -- a logical outcome, given that about one-sixth of U.S. refining capacity has been shut down. Yet crude oil and natural gas prices were either flat or down on Monday morning.</p><div class="hardwall" data-position="3"></div><div class="softwall" data-position="3"></div>
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        <p>This is in marked contrast to the situation 12 years ago. Natural gas illustrates the point. When Katrina and Rita hit the Gulf, natural gas prices spiked into double digits, versus today&apos;s price of just less than $3 per million BTU.</p><div class="hardwall" data-position="4"></div><div class="softwall" data-position="4"></div><p>More striking, though, is the differing impacts on expectations, as expressed in the futures market then and now. Here is what happened in 2005:</p><figure data-type="image" data-id="317098757" data-image-type="chart" align="center" data-align="center" class="" data-widget-url="https://www.bloomberg.com/toaster/v1/charts/3546b707f90f48069c88bc1134f89943.html?brand=gadfly&amp;webTheme=gadfly&amp;web=true&amp;hideTitles=true">
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                    <h3 class="chart__title">Climate Change</h3>
                    <p class="chart__subtitle">The hurricanes of 2005 sent natural gas futures soaring, not just for the immediate aftermath but years out</p>
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        </figure><p>And here&apos;s how things have moved this month. Spot the difference:</p><figure data-type="image" data-id="317098795" data-image-type="chart" align="center" data-align="center" class="" data-widget-url="https://www.bloomberg.com/toaster/v1/charts/9029002dfee34009bc98d340613adcd6.html?brand=gadfly&amp;webTheme=gadfly&amp;web=true&amp;hideTitles=true">
            <div class="chart" data-responsive="true">
                <div class="chart-js">
                    <h3 class="chart__title">Indifferent</h3>
                    <p class="chart__subtitle">Hurricane Harvey&apos;s impact has barely registered in gas futures markets, especially further out on the curve</p>
                    <div class="chart__container" style="padding-bottom: 45.95%;" data-src="https://www.bloomberg.com/toaster/v1/charts/9029002dfee34009bc98d340613adcd6.html?brand=gadfly&amp;webTheme=gadfly&amp;web=true&amp;hideTitles=true" data-toaster-id="317098795"></div>
                    <p class="chart__source">Source: Bloomberg</p>
                    <p class="chart__footnote"></p>
                </div>
                <noscript>
                    <style>
                        .chart-js { display: none; }
                    </style>
                    <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i2QpaXEmX5iY/v1/-1x-1.png">
                </noscript>
            </div>
        </figure><p>The key factor here is the shale boom. In its early stages, it got added impetus from surging natural-gas prices, due to both the commodity supercycle in the decade before 2014 and disaster-related spikes such as those in the summer and fall of 2005. You can see this in the dramatic shifts in where the U.S. gets its domestic natural gas supply:</p><figure data-type="image" data-id="317097571" data-image-type="chart" align="center" data-align="center" class="" data-widget-url="https://www.bloomberg.com/toaster/v1/charts/4626a543377540e6962fc658cf625b3f.html?brand=gadfly&amp;webTheme=gadfly&amp;web=true&amp;hideTitles=true">
            <div class="chart" data-responsive="true">
                <div class="chart-js">
                    <h3 class="chart__title">Back To The Land</h3>
                    <p class="chart__subtitle">The shale boom accelerated in Texas and Louisiana after 2005, with Appalachia picking up the pace after 2009. Offshore production, meanwhile, has slumped</p>
                    <div class="chart__container" style="padding-bottom: 45.95%;" data-src="https://www.bloomberg.com/toaster/v1/charts/4626a543377540e6962fc658cf625b3f.html?brand=gadfly&amp;webTheme=gadfly&amp;web=true&amp;hideTitles=true" data-toaster-id="317097571"></div>
                    <p class="chart__source">Source: Energy Information Administration</p>
                    <p class="chart__footnote"></p>
                </div>
                <noscript>
                    <style>
                        .chart-js { display: none; }
                    </style>
                    <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iwDW7t.wMPpU/v1/-1x-1.png">
                </noscript>
            </div>
        </figure><p>The shift away from the hurricane-prone waters of the Gulf of Mexico means even a catastrophic event like Harvey now has little impact on pricing. Indeed, even onshore production in Texas and Louisiana has declined as a share of domestic U.S. natural-gas production in recent years as the first wave of the shale boom has passed and growth has shifted elsewhere, <a href="https://www.bloomberg.com/gadfly/articles/2017-02-06/new-gas-pipeline-approvals-here-comes-the-monster" target="_blank">particularly Appalachia</a>.</p>
        <div id="in-article-7UQC80n" class="page-ad" data-position="in-article">
            <script class="params" type="application/json">{"contentId":"OVEK066JTSE801","position":"in-article","dimensions":{"mobile":[[5,19],[300,250],[1,1]],"tablet":[[5,19],[728,90],[1,1]]},"type":"In Article Flex Native Ad","positionIncrement":1,"targeting":{"position":"in-article","positionIncrement":1,"url":"/gadfly/articles/2017-08-28/hurricane-harvey-energy-impact-dulled-by-shale-s-rise"},"containerId":"in-article-7UQC80n"}</script>
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        <p>If anything, Harvey is bearish for natural gas because of the disruption to local demand, which hasn&apos;t declined in importance over the past decade:</p><figure data-type="image" data-id="317097850" data-image-type="chart" align="center" data-align="center" class="" data-widget-url="https://www.bloomberg.com/toaster/v1/charts/d5116dfb17764f35b74e3b95a94651dc.html?brand=gadfly&amp;webTheme=gadfly&amp;web=true&amp;hideTitles=true">
            <div class="chart" data-responsive="true">
                <div class="chart-js">
                    <h3 class="chart__title">Demanding</h3>
                    <p class="chart__subtitle">While Texas and Louisiana, along with the offshore Gulf of Mexico, have declined as a share of U.S. natural gas production, their share of demand has stayed relatively constant</p>
                    <div class="chart__container" style="padding-bottom: 45.95%;" data-src="https://www.bloomberg.com/toaster/v1/charts/d5116dfb17764f35b74e3b95a94651dc.html?brand=gadfly&amp;webTheme=gadfly&amp;web=true&amp;hideTitles=true" data-toaster-id="317097850"></div>
                    <p class="chart__source">Source: Energy Information Administration</p>
                    <p class="chart__footnote">Note: Data are trailing 12-month averages.</p>
                </div>
                <noscript>
                    <style>
                        .chart-js { display: none; }
                    </style>
                    <img src="https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iDYZ.Z7Lv4I4/v1/-1x-1.png">
                </noscript>
            </div>
        </figure><p>In a report published on Friday, ahead of the worst of the storm, Societe Generale analyst Breanne Dougherty estimated Harvey might subdue demand for natural gas by 1.5-2 billion cubic feet per day, roughly in line with estimates of the amount of supply taken off-line. Besides direct usage, natural gas accounts for about 45 percent of Texas&apos; electricity generation. As of Monday morning, with hundreds of thousands of customers having lost power across the Gulf coast region, day-ahead peak power prices for Houston were down by a third compared to the middle of last week, hitting their lowest level since mid-March.</p><aside class="pullquote"><p>Natural Gas Share of Texas Electricity Generation</p><p class="normal">45%</p></aside><p>Hurricane Harvey has struck at a time when energy markets appear indifferent to all sorts of traditional stimuli, especially <a href="https://www.bloomberg.com/gadfly/articles/2017-06-15/oil-s-long-term-price-takes-new-math" target="_blank">on the geopolitical front</a>. News of <a href="https://www.bloomberg.com/news/articles/2017-08-27/libya-s-oil-disruptions-widen-as-two-more-fields-halt-output" target="_blank">two Libyan oil fields being forced to shut down</a> by armed groups this weekend barely registered in the market.</p><p>Whether such a sanguine attitude can last is debatable. But there is no denying it has lasted for a while already, largely because the shale boom has changed both the physical location of U.S. production and expectations about its resilience to both natural and market-made disasters.</p><p>If Katrina and Rita helped set off the shale boom, then Harvey should offer proof of the transformation in energy markets they wrought.&#xA0;</p><div class="disclaimer">This column does not necessarily reflect the opinion of Bloomberg LP and its owners.</div><ol class="noscript-footnotes"></ol><p class="news-rsf-contact-author">To contact the author of this story:<br><span itemscope="itemscope" itemtype="http://schema.org/Person">    <meta itemprop="url" content="bbg://people/profile/19379742">    <meta itemprop="name" content="Liam Denning">    Liam Denning</span> in<span itemprop="workLocation" itemscope="itemscope" itemtype="http://schema.org/Place">    New York</span> at <a href="mailto:ldenning1@bloomberg.net">ldenning1@bloomberg.net</a></p><p class="news-rsf-contact-editor">To contact the editor responsible for this story:<br><span itemscope="itemscope" itemtype="http://schema.org/Person">     <meta itemprop="url" content="bbg://people/profile/16022768">     <meta itemprop="email" content="mgongloff1@bloomberg.net">     <meta itemprop="telephone" content="+1-212-617-6787">     <span itemprop="workLocation" itemscope="itemscope" itemtype="http://schema.org/Place">         <meta content="New York" itemprop="name">     </span>     <meta itemprop="pepl" content="16022768">     <meta itemprop="role" content="editor">     <meta itemprop="role" content="primary">     <meta itemprop="name" content="Mark Gongloff">     Mark Gongloff</span> at <a href="mailto:mgongloff1@bloomberg.net">mgongloff1@bloomberg.net</a></p>
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