<!DOCTYPE html><html lang="en"><head><base href="/"><title>Hurricane Harvey's Impact On Natural Gas Prices</title><meta charset="UTF-8"><meta http-equiv="X-UA-Compatible" content="IE=edge,chrome=1"><meta name="viewport" content="width=device-width,initial-scale=1,maximum-scale=1,user-scalable=no"><link rel="canonical" itemprop="url" href="https://www.forbes.com/sites/judeclemente/2017/09/03/hurricane-harveys-impact-on-natural-gas-prices/"><script>!function(e){function n(r){if(t[r])return t[r].exports;var o=t[r]={i:r,l:!1,exports:{}};return e[r].call(o.exports,o,o.exports,n),o.l=!0,o.exports}var r=window.webpackJsonp;window.webpackJsonp=function(t,c,a){for(var i,u,f,d=0,s=[];d<t.length;d++)u=t[d],o[u]&&s.push(o[u][0]),o[u]=0;for(i in c)Object.prototype.hasOwnProperty.call(c,i)&&(e[i]=c[i]);for(r&&r(t,c,a);s.length;)s.shift()();if(a)for(d=0;d<a.length;d++)f=n(n.s=a[d]);return f};var t={},o={6:0};n.e=function(e){function r(){i.onerror=i.onload=null,clearTimeout(u);var n=o[e];0!==n&&(n&&n[1](new Error("Loading chunk "+e+" failed.")),o[e]=void 0)}var t=o[e];if(0===t)return new Promise(function(e){e()});if(t)return t[2];var c=new Promise(function(n,r){t=o[e]=[n,r]});t[2]=c;var a=document.getElementsByTagName("head")[0],i=document.createElement("script");i.type="text/javascript",i.charset="utf-8",i.async=!0,i.timeout=12e4,n.nc&&i.setAttribute("nonce",n.nc),i.src=n.p+""+{0:"b3056f14109d40f516b9",1:"0d7683a639ce670fd024",2:"592cd7ae7764dbb9d67f",3:"884eb8a9dbd3716da69c",4:"a17266e441f78003f801",5:"034810b611074dbb7c5b"}[e]+"."+e+".chunk.js";var u=setTimeout(r,12e4);return i.onerror=i.onload=r,a.appendChild(i),c},n.m=e,n.c=t,n.d=function(e,r,t){n.o(e,r)||Object.defineProperty(e,r,{configurable:!1,enumerable:!0,get:t})},n.n=function(e){var r=e&&e.__esModule?function(){return e.default}:function(){return e};return n.d(r,"a",r),r},n.o=function(e,n){return Object.prototype.hasOwnProperty.call(e,n)},n.p="https://i.forbesimg.com/ng2/",n.oe=function(e){throw console.error(e),e}}([])</script><script type="text/javascript" src="https://i.forbesimg.com/ng2/592cd7ae7764dbb9d67f.polyfills.js" defer="defer"></script><script type="text/javascript" src="https://i.forbesimg.com/ng2/884eb8a9dbd3716da69c.vendors.js" defer="defer"></script><script type="text/javascript" src="https://i.forbesimg.com/ng2/034810b611074dbb7c5b.fbs.js" defer="defer"></script><script type="text/javascript" src="https://i.forbesimg.com/ng2/a17266e441f78003f801.app.js" defer="defer"></script><style ng-transition="ng-templates">html{font-family:sans-serif;line-height:1.15;-ms-text-size-adjust:100%;-webkit-text-size-adjust:100%}body{margin:0}article,aside,footer,header,nav,section{display:block}h1{font-size:2em;margin:0.67em 0}figcaption,figure,main{display:block}figure{margin:1em 40px}hr{box-sizing:content-box;height:0;overflow:visible}pre{font-family:monospace, monospace;font-size:1em}a{background-color:transparent;-webkit-text-decoration-skip:objects}a:active,a:hover{outline-width:0}abbr[title]{border-bottom:none;text-decoration:underline;text-decoration:underline dotted}b,strong{font-weight:inherit}b,strong{font-weight:bolder}code,kbd,samp{font-family:monospace, monospace;font-size:1em}dfn{font-style:italic}mark{background-color:#ff0;color:#000}small{font-size:80%}sub,sup{font-size:75%;line-height:0;position:relative;vertical-align:baseline}sub{bottom:-0.25em}sup{top:-0.5em}audio,video{display:inline-block}audio:not([controls]){display:none;height:0}img{border-style:none}svg:not(:root){overflow:hidden}button,input,optgroup,select,textarea{font-family:sans-serif;font-size:100%;line-height:1.15;margin:0}button,input{overflow:visible}button,select{text-transform:none}button,html [type="button"],[type="reset"],[type="submit"]{-webkit-appearance:button}button::-moz-focus-inner,[type="button"]::-moz-focus-inner,[type="reset"]::-moz-focus-inner,[type="submit"]::-moz-focus-inner{border-style:none;padding:0}button:-moz-focusring,[type="button"]:-moz-focusring,[type="reset"]:-moz-focusring,[type="submit"]:-moz-focusring{outline:1px dotted ButtonText}fieldset{border:1px solid #c0c0c0;margin:0 2px;padding:0.35em 0.625em 0.75em}legend{box-sizing:border-box;color:inherit;display:table;max-width:100%;padding:0;white-space:normal}progress{display:inline-block;vertical-align:baseline}textarea{overflow:auto}[type="checkbox"],[type="radio"]{box-sizing:border-box;padding:0}[type="number"]::-webkit-inner-spin-button,[type="number"]::-webkit-outer-spin-button{height:auto}[type="search"]{-webkit-appearance:textfield;outline-offset:-2px}[type="search"]::-webkit-search-cancel-button,[type="search"]::-webkit-search-decoration{-webkit-appearance:none}::-webkit-file-upload-button{-webkit-appearance:button;font:inherit}details,menu{display:block}summary{display:list-item}canvas{display:inline-block}template{display:none}[hidden]{display:none}*,*:before,*:after{box-sizing:border-box}html,body{width:100%;height:100%;font-family:"Avenir","Noto Sans","Droid Sans","Helvetica Neue",Corbel,Helvetica,Arial,sans-serif;text-rendering:optimizeLegibility;-webkit-font-feature-settings:'kern';font-feature-settings:'kern';-webkit-font-kerning:normal;-moz-font-kerning:normal;font-kerning:normal;-webkit-font-variant-ligatures:common-ligatures;font-variant-ligatures:common-ligatures}img{width:auto;max-width:100%;height:auto !important;display:block}figure{margin:0}figure img{display:block;max-width:100%}a{cursor:pointer;color:inherit}button{border:none;outline:none;padding:0;background:none;cursor:pointer}i,em{font-style:italic}b,strong{font-weight:bold}table{border-collapse:collapse;border-spacing:0}p a{color:#003891}p a:hover{text-decoration:underline}.container{margin-right:auto;margin-left:auto;padding-left:15px;padding-right:15px}.container:before,.container:after{content:" ";display:table}.container:after{clear:both}@media (min-width: 768px){.container{width:750px}}@media (min-width: 1024px){.container{width:970px}}@media (min-width: 1230px){.container{width:1170px}}.container-fluid{margin-right:auto;margin-left:auto;padding-left:15px;padding-right:15px}.container-fluid:before,.container-fluid:after{content:" ";display:table}.container-fluid:after{clear:both}.row{margin-left:-15px;margin-right:-15px}.row:before,.row:after{content:" ";display:table}.row:after{clear:both}.col-xs-1,.col-sm-1,.col-md-1,.col-lg-1,.col-xs-2,.col-sm-2,.col-md-2,.col-lg-2,.col-xs-3,.col-sm-3,.col-md-3,.col-lg-3,.col-xs-4,.col-sm-4,.col-md-4,.col-lg-4,.col-xs-5,.col-sm-5,.col-md-5,.col-lg-5,.col-xs-6,.col-sm-6,.col-md-6,.col-lg-6,.col-xs-7,.col-sm-7,.col-md-7,.col-lg-7,.col-xs-8,.col-sm-8,.col-md-8,.col-lg-8,.col-xs-9,.col-sm-9,.col-md-9,.col-lg-9,.col-xs-10,.col-sm-10,.col-md-10,.col-lg-10,.col-xs-11,.col-sm-11,.col-md-11,.col-lg-11,.col-xs-12,.col-sm-12,.col-md-12,.col-lg-12{position:relative;min-height:1px;padding-left:15px;padding-right:15px}.col-xs-1,.col-xs-2,.col-xs-3,.col-xs-4,.col-xs-5,.col-xs-6,.col-xs-7,.col-xs-8,.col-xs-9,.col-xs-10,.col-xs-11,.col-xs-12{float:left}.col-xs-1{width:8.33333%}.col-xs-2{width:16.66667%}.col-xs-3{width:25%}.col-xs-4{width:33.33333%}.col-xs-5{width:41.66667%}.col-xs-6{width:50%}.col-xs-7{width:58.33333%}.col-xs-8{width:66.66667%}.col-xs-9{width:75%}.col-xs-10{width:83.33333%}.col-xs-11{width:91.66667%}.col-xs-12{width:100%}.col-xs-pull-0{right:auto}.col-xs-pull-1{right:8.33333%}.col-xs-pull-2{right:16.66667%}.col-xs-pull-3{right:25%}.col-xs-pull-4{right:33.33333%}.col-xs-pull-5{right:41.66667%}.col-xs-pull-6{right:50%}.col-xs-pull-7{right:58.33333%}.col-xs-pull-8{right:66.66667%}.col-xs-pull-9{right:75%}.col-xs-pull-10{right:83.33333%}.col-xs-pull-11{right:91.66667%}.col-xs-pull-12{right:100%}.col-xs-push-0{left:auto}.col-xs-push-1{left:8.33333%}.col-xs-push-2{left:16.66667%}.col-xs-push-3{left:25%}.col-xs-push-4{left:33.33333%}.col-xs-push-5{left:41.66667%}.col-xs-push-6{left:50%}.col-xs-push-7{left:58.33333%}.col-xs-push-8{left:66.66667%}.col-xs-push-9{left:75%}.col-xs-push-10{left:83.33333%}.col-xs-push-11{left:91.66667%}.col-xs-push-12{left:100%}.col-xs-offset-0{margin-left:0%}.col-xs-offset-1{margin-left:8.33333%}.col-xs-offset-2{margin-left:16.66667%}.col-xs-offset-3{margin-left:25%}.col-xs-offset-4{margin-left:33.33333%}.col-xs-offset-5{margin-left:41.66667%}.col-xs-offset-6{margin-left:50%}.col-xs-offset-7{margin-left:58.33333%}.col-xs-offset-8{margin-left:66.66667%}.col-xs-offset-9{margin-left:75%}.col-xs-offset-10{margin-left:83.33333%}.col-xs-offset-11{margin-left:91.66667%}.col-xs-offset-12{margin-left:100%}@media (min-width: 768px){.col-sm-1,.col-sm-2,.col-sm-3,.col-sm-4,.col-sm-5,.col-sm-6,.col-sm-7,.col-sm-8,.col-sm-9,.col-sm-10,.col-sm-11,.col-sm-12{float:left}.col-sm-1{width:8.33333%}.col-sm-2{width:16.66667%}.col-sm-3{width:25%}.col-sm-4{width:33.33333%}.col-sm-5{width:41.66667%}.col-sm-6{width:50%}.col-sm-7{width:58.33333%}.col-sm-8{width:66.66667%}.col-sm-9{width:75%}.col-sm-10{width:83.33333%}.col-sm-11{width:91.66667%}.col-sm-12{width:100%}.col-sm-pull-0{right:auto}.col-sm-pull-1{right:8.33333%}.col-sm-pull-2{right:16.66667%}.col-sm-pull-3{right:25%}.col-sm-pull-4{right:33.33333%}.col-sm-pull-5{right:41.66667%}.col-sm-pull-6{right:50%}.col-sm-pull-7{right:58.33333%}.col-sm-pull-8{right:66.66667%}.col-sm-pull-9{right:75%}.col-sm-pull-10{right:83.33333%}.col-sm-pull-11{right:91.66667%}.col-sm-pull-12{right:100%}.col-sm-push-0{left:auto}.col-sm-push-1{left:8.33333%}.col-sm-push-2{left:16.66667%}.col-sm-push-3{left:25%}.col-sm-push-4{left:33.33333%}.col-sm-push-5{left:41.66667%}.col-sm-push-6{left:50%}.col-sm-push-7{left:58.33333%}.col-sm-push-8{left:66.66667%}.col-sm-push-9{left:75%}.col-sm-push-10{left:83.33333%}.col-sm-push-11{left:91.66667%}.col-sm-push-12{left:100%}.col-sm-offset-0{margin-left:0%}.col-sm-offset-1{margin-left:8.33333%}.col-sm-offset-2{margin-left:16.66667%}.col-sm-offset-3{margin-left:25%}.col-sm-offset-4{margin-left:33.33333%}.col-sm-offset-5{margin-left:41.66667%}.col-sm-offset-6{margin-left:50%}.col-sm-offset-7{margin-left:58.33333%}.col-sm-offset-8{margin-left:66.66667%}.col-sm-offset-9{margin-left:75%}.col-sm-offset-10{margin-left:83.33333%}.col-sm-offset-11{margin-left:91.66667%}.col-sm-offset-12{margin-left:100%}}@media (min-width: 1024px){.col-md-1,.col-md-2,.col-md-3,.col-md-4,.col-md-5,.col-md-6,.col-md-7,.col-md-8,.col-md-9,.col-md-10,.col-md-11,.col-md-12{float:left}.col-md-1{width:8.33333%}.col-md-2{width:16.66667%}.col-md-3{width:25%}.col-md-4{width:33.33333%}.col-md-5{width:41.66667%}.col-md-6{width:50%}.col-md-7{width:58.33333%}.col-md-8{width:66.66667%}.col-md-9{width:75%}.col-md-10{width:83.33333%}.col-md-11{width:91.66667%}.col-md-12{width:100%}.col-md-pull-0{right:auto}.col-md-pull-1{right:8.33333%}.col-md-pull-2{right:16.66667%}.col-md-pull-3{right:25%}.col-md-pull-4{right:33.33333%}.col-md-pull-5{right:41.66667%}.col-md-pull-6{right:50%}.col-md-pull-7{right:58.33333%}.col-md-pull-8{right:66.66667%}.col-md-pull-9{right:75%}.col-md-pull-10{right:83.33333%}.col-md-pull-11{right:91.66667%}.col-md-pull-12{right:100%}.col-md-push-0{left:auto}.col-md-push-1{left:8.33333%}.col-md-push-2{left:16.66667%}.col-md-push-3{left:25%}.col-md-push-4{left:33.33333%}.col-md-push-5{left:41.66667%}.col-md-push-6{left:50%}.col-md-push-7{left:58.33333%}.col-md-push-8{left:66.66667%}.col-md-push-9{left:75%}.col-md-push-10{left:83.33333%}.col-md-push-11{left:91.66667%}.col-md-push-12{left:100%}.col-md-offset-0{margin-left:0%}.col-md-offset-1{margin-left:8.33333%}.col-md-offset-2{margin-left:16.66667%}.col-md-offset-3{margin-left:25%}.col-md-offset-4{margin-left:33.33333%}.col-md-offset-5{margin-left:41.66667%}.col-md-offset-6{margin-left:50%}.col-md-offset-7{margin-left:58.33333%}.col-md-offset-8{margin-left:66.66667%}.col-md-offset-9{margin-left:75%}.col-md-offset-10{margin-left:83.33333%}.col-md-offset-11{margin-left:91.66667%}.col-md-offset-12{margin-left:100%}}@media (min-width: 1230px){.col-lg-1,.col-lg-2,.col-lg-3,.col-lg-4,.col-lg-5,.col-lg-6,.col-lg-7,.col-lg-8,.col-lg-9,.col-lg-10,.col-lg-11,.col-lg-12{float:left}.col-lg-1{width:8.33333%}.col-lg-2{width:16.66667%}.col-lg-3{width:25%}.col-lg-4{width:33.33333%}.col-lg-5{width:41.66667%}.col-lg-6{width:50%}.col-lg-7{width:58.33333%}.col-lg-8{width:66.66667%}.col-lg-9{width:75%}.col-lg-10{width:83.33333%}.col-lg-11{width:91.66667%}.col-lg-12{width:100%}.col-lg-pull-0{right:auto}.col-lg-pull-1{right:8.33333%}.col-lg-pull-2{right:16.66667%}.col-lg-pull-3{right:25%}.col-lg-pull-4{right:33.33333%}.col-lg-pull-5{right:41.66667%}.col-lg-pull-6{right:50%}.col-lg-pull-7{right:58.33333%}.col-lg-pull-8{right:66.66667%}.col-lg-pull-9{right:75%}.col-lg-pull-10{right:83.33333%}.col-lg-pull-11{right:91.66667%}.col-lg-pull-12{right:100%}.col-lg-push-0{left:auto}.col-lg-push-1{left:8.33333%}.col-lg-push-2{left:16.66667%}.col-lg-push-3{left:25%}.col-lg-push-4{left:33.33333%}.col-lg-push-5{left:41.66667%}.col-lg-push-6{left:50%}.col-lg-push-7{left:58.33333%}.col-lg-push-8{left:66.66667%}.col-lg-push-9{left:75%}.col-lg-push-10{left:83.33333%}.col-lg-push-11{left:91.66667%}.col-lg-push-12{left:100%}.col-lg-offset-0{margin-left:0%}.col-lg-offset-1{margin-left:8.33333%}.col-lg-offset-2{margin-left:16.66667%}.col-lg-offset-3{margin-left:25%}.col-lg-offset-4{margin-left:33.33333%}.col-lg-offset-5{margin-left:41.66667%}.col-lg-offset-6{margin-left:50%}.col-lg-offset-7{margin-left:58.33333%}.col-lg-offset-8{margin-left:66.66667%}.col-lg-offset-9{margin-left:75%}.col-lg-offset-10{margin-left:83.33333%}.col-lg-offset-11{margin-left:91.66667%}.col-lg-offset-12{margin-left:100%}}.clearfix:before,.clearfix:after{content:" ";display:table}.clearfix:after{clear:both}.pull-right{float:right !important}.pull-left{float:left !important}.fs-hidden{display:none !important}.fs-clearfix:before,.fs-clearfix:after{content:" ";display:table}.fs-clearfix:after{clear:both}body{font-size:.9375em;-webkit-font-smoothing:antialiased}@media (min-width: 480px){body{font-size:calc(.9375em + (18 - 15) * (100vw - 480px) / (1400 - 480))}}@media (min-width: 1400px){body{font-size:1.125em}}h1,h2,h3,h4,h5,h6,ul,li,ol{-webkit-margin-before:0;-webkit-margin-after:0}h1,.fs-text-xxl{font-size:2.5rem;font-weight:normal}h2,.fs-text-xl{font-size:2rem;font-weight:normal}h3,.fs-text-l{font-size:1.5rem;font-weight:normal}h4,.fs-text-m{font-size:1.25rem;font-weight:normal}h5,.fs-text-s{font-size:0.875rem;font-weight:normal}h6,.fs-text-xs{font-size:0.75rem;font-weight:normal}small,.fs-text-xxs{font-size:0.625rem;font-weight:normal}h1.fs-responsive-text,.fs-text-xxl.fs-responsive-text{font-size:2.5em}h2.fs-responsive-text,.fs-text-xl.fs-responsive-text{font-size:2em}h3.fs-responsive-text,.fs-text-l.fs-responsive-text{font-size:1.5em}h4.fs-responsive-text,.fs-text-m.fs-responsive-text{font-size:1.25em}h5.fs-responsive-text,.fs-text-s.fs-responsive-text{font-size:0.875em}h6.fs-responsive-text,.fs-text-xs.fs-responsive-text{font-size:0.75em}.fs-text-xxs.fs-responsive-text{font-size:0.625em}.fs-headline{line-height:1.25;font-family:"Georgia","Cambria","Times New Roman","Times",serif;font-weight:normal;margin:0}.fs-text-margin{margin:1.6rem 0}ul{list-style:none;-webkit-padding-start:0}button,input,optgroup,select,textarea{font-family:inherit}.fs-text-link{color:#003891;cursor:pointer;text-decoration:none;background-image:linear-gradient(rgba(0,56,145,0.5), rgba(0,56,145,0.5));background-size:1px 1px;background-repeat:repeat-x;background-position:0 1.2em;-webkit-tap-highlight-color:transparent}.fs-text-link:before,.fs-text-link:after,.fs-text-link *,.fs-text-link *:before,.fs-text-link *:after{text-shadow:none}.fs-text-link:visited{color:#003891}.fs-text-link:hover{background-image:linear-gradient(#003891, #003891)}@media (min-width: 48rem){.fs-text-link{background-position:0 1.3em}}.fs-card{padding:1em 0}.fs-card:before,.fs-card:after{content:" ";display:table}.fs-card:after{clear:both}.fs-card-metric{font-size:0.75rem;font-weight:normal;color:gray;display:block;line-height:1;margin-bottom:1em}.fs-card-metric span{margin-right:1.5em}.fs-card-metric-type{font-weight:bold;color:#999}.fs-card-metric-time{font-style:italic;color:#666}.fs-card-metric-views{color:#333}.fs-card-thumb{width:20%;margin-right:1em;float:left;max-width:200px}.fs-card--basic .fs-card-thumb:after{background:gray;content:'';display:block;padding-top:100%;width:100%}.fs-card-info{overflow:auto}.fs-author{display:block;font-style:normal}.fs-author:before,.fs-author:after{content:" ";display:table}.fs-author:after{clear:both}.fs-author-avatar{width:20%;max-width:1em;margin-right:1em;float:left;position:relative}.fs-author-image{border:1px solid rgba(0,0,0,0.15);max-width:100%;border-radius:50%;overflow:hidden}.fs-author-badge{font-size:0.875rem;font-weight:normal;position:absolute;right:0;bottom:0}.fs-author-badge .icon-flame{background:#ffc000;border-radius:50%;width:1.5em;height:1.5em;display:inline-block;line-height:1.5em;text-align:center}.fs-author-name{font-weight:bold}.fs-author--inline{margin-top:.5em}.fs-author--inline .fs-author-info{line-height:1em}.fs-author--inline .fs-author-avatar{margin-right:.5em}.fs-author--inline .fs-author-byline{font-size:0.75rem;font-weight:normal}.fs-author--inline .fs-author-title{margin-left:.5em}.fs-card-description{font-size:0.75em;color:#4D4D4D;line-height:1.5;overflow:auto;margin:.5em 0 0;display:none}@media (min-width: 768px){.fs-card-description{display:block}}.fs-card--dark{color:#fff}.fs-card--dark .fs-author-title .icon-staff-verified{color:rgba(255,255,255,0.7)}.fs-card--cover .fs-card-content{position:relative;overflow:hidden}.fs-card--cover .fs-card-content:before{content:"";display:block;padding-bottom:56.25%}.fs-card--cover .fs-card-thumb{position:absolute;top:0;left:0;right:0;bottom:0;width:100%;margin-right:auto;float:none;max-width:none}.fs-card--cover .fs-card-thumb:after{background-image:linear-gradient(to bottom, transparent, rgba(0,0,0,0.8));bottom:0;content:'';left:0;position:absolute;right:0;top:-2em}.fs-card--cover .fs-card-info{position:absolute;left:0;right:0;bottom:0;padding:1em;z-index:1}.fs-card--cover .fs-headline{font-size:1.25em}.fs-card--cover .fs-card-thumb{background-size:cover}.fs-article{line-height:1.5;max-width:42em}.fs-article h1,.fs-article h2,.fs-article h3,.fs-article h4,.fs-article h5,.fs-article h6,.fs-article p,.fs-article ol,.fs-article pre,.fs-article table,.fs-article blockquote{margin:1.6rem 0}.fs-article>div:first-child>:first-child{margin-top:0}.fs-article a{text-decoration:none;color:#003891}.fs-article a:hover{text-decoration:underline}.fs-article .table-wrapper{margin:10px 0;overflow-x:auto}.fs-article td,.fs-article th{padding:3px 5px;vertical-align:top;font-size:0.75em}.fs-article thead tr{background:#ccc}.fs-article thead th{font-weight:bold;vertical-align:bottom;border-bottom:2px solid #fff;border-left:1px solid #fff}.fs-article tbody tr{border-bottom:2px solid #fff}.fs-article tbody tr:nth-child(odd){background:#F2F2F2}.fs-article tbody tr:nth-child(even){background:#E6E6E6}.fs-article tbody td{border-left:1px solid #fff}.fs-article tbody td p{margin:0}.fs-article tfoot td{color:#999;padding:1px;font-size:0.625em}.fs-article blockquote{position:relative;padding-left:1.75em}.fs-article blockquote:before{position:absolute;top:0;left:0;content:"\201C";color:#B3B3B3;font-size:2.5em}.article-body-image{line-height:0;position:relative}.article-body-image small{position:absolute;bottom:0;line-height:1;padding:.25em;color:#fff;background-color:rgba(0,0,0,0.5)}.fs-main-content h1.fs-headline{margin-top:1rem;margin-bottom:1rem;font-size:22px;position:relative;-webkit-font-smoothing:antialiased}@media (min-width: 480px){.fs-main-content h1.fs-headline{font-size:calc(22px + (40 - 22) * (100vw - 20rem) / (1400 - 320))}}@media (min-width: 1400px){.fs-main-content h1.fs-headline{font-size:40px}}.article-body.fs-responsive-text{font-family:"Georgia","Cambria","Times New Roman","Times",serif;font-size:17.6px;line-height:1.4em}.wp-caption-text{line-height:1.4em}@media all and (min-width: 1401px){.article-body.fs-responsive-text{font-size:21px}.fs-main-content h1.fs-headline{font-size:40.76px}}@media all and (min-width: 1025px) and (max-width: 1400px){.fs-main-content h1.fs-headline{font-size:32.44px;line-height:1.2em}}@media all and (min-width: 768px) and (max-width: 1024px){.fs-main-content h1.fs-headline{font-size:27.44px;line-height:1.3em}}@media all and (max-width: 767px){.fs-main-content h1.fs-headline{font-size:32.64px;line-height:1.3em}}@media print{.article-video-placeholder,.top-ad-container,.ad-rail-container,sidenav,navbar,footer,medianet,speed-bump,fbs-ad,fbs-video,page[aria-current="false"]{display:none !important}channel-path .logo,channel-path .crumb:before{display:inline-block !important;font-size:15px !important}stream.sidebar-expanded{-webkit-transform:none !important;transform:none !important;margin-left:0 !important}.body-container{width:100%}}.fs-article .embedly-embed{height:100%;left:0;position:absolute;top:0;width:100%}.fs-article .embedly-wrap{height:0;position:relative;width:100%}.fs-article .image-embed div,.fs-article .wp-caption div{line-height:0;overflow:hidden;position:relative}.fs-article .image-embed fbs-accordion,.fs-article .wp-caption fbs-accordion{display:block}.fs-article .image-embed fbs-accordion [aria-expanded="false"],.fs-article .wp-caption fbs-accordion [aria-expanded="false"]{height:1.25em}.fs-article .image-embed fbs-accordion.expandable p,.fs-article .wp-caption fbs-accordion.expandable p{padding-right:1em;position:relative}.fs-article .image-embed fbs-accordion.expandable p[aria-expanded="false"]:after,.fs-article .wp-caption fbs-accordion.expandable p[aria-expanded="false"]:after{content:"[+]";position:absolute;right:0;top:0}.fs-article .image-embed fbs-accordion.expandable p[aria-expanded="true"]:after,.fs-article .wp-caption fbs-accordion.expandable p[aria-expanded="true"]:after{content:" [-]";height:auto}.fs-article .image-embed figcaption,.fs-article .wp-caption figcaption{font-size:.75rem;font-style:italic;line-height:1.4;margin-top:0.5em}.fs-article .image-embed p,.fs-article .wp-caption p{margin:0}.fs-article .image-embed p:after,.fs-article .wp-caption p:after{font-style:normal}.fs-article .image-embed small,.fs-article .wp-caption small{background-color:rgba(0,0,0,0.5);bottom:0;color:#fff;line-height:1;padding:0.25em;position:absolute}.fs-article .wp-caption-text{font-size:0.75rem;font-weight:normal;font-style:italic;margin-top:0.5em;position:relative}.fs-article .link-embed{background-color:#F2F2F2;color:#000;display:block;padding:20px;text-decoration:none;width:100%}.fs-article .link-embed header{font-size:1.5rem;font-weight:normal;margin-bottom:20px}.fs-article .link-embed small{display:block}.fs-article .link-embed .provider-name{font-weight:bold;text-transform:uppercase}.btn{font-size:0.875em;display:inline-flex;align-items:center;justify-content:center;font-weight:bold;border-radius:5px;cursor:pointer;line-height:1;border:none;box-sizing:border-box;transition:all 200ms ease}.btn.btn-rect-lg{padding:1.5em 1em}.btn.btn-rect-sm{padding:0.75em 1em}.btn.btn-square{width:45px;height:45px;padding:1.1em 1em}.btn.btn-circle{width:2rem;height:2rem;border-radius:50%}.btn.btn-black{background-color:#000;color:#fff}.btn.btn-black:hover{background-color:#1a1a1a;color:#fff}.btn.btn-black.secondary{background-color:#fff;border:2px solid #000;color:#000;color:#000}.btn.btn-black.secondary:hover{color:#1a1a1a;border:2px solid #1a1a1a}.btn.btn-gray{background-color:#999;color:#fff}.btn.btn-gray:hover{background-color:#b3b3b3;color:#fff}.btn.btn-gray.secondary{background-color:#fff;border:2px solid #999;color:#999;color:#000}.btn.btn-gray.secondary:hover{color:#b3b3b3;border:2px solid #b3b3b3}.btn.btn-blue{background-color:#069eec;color:#fff}.btn.btn-blue:hover{background-color:#2bb4fa;color:#fff}.btn.btn-blue.secondary{background-color:#fff;border:2px solid #069eec;color:#069eec;color:#000}.btn.btn-blue.secondary:hover{color:#2bb4fa;border:2px solid #2bb4fa}.btn.btn-red{background-color:#f0222e;color:#fff}.btn.btn-red:hover{background-color:#f3525b;color:#fff}.btn.btn-red.secondary{background-color:#fff;border:2px solid #f0222e;color:#f0222e;color:#000}.btn.btn-red.secondary:hover{color:#f3525b;border:2px solid #f3525b}.btn.btn-yellow{background-color:#ffc000;color:#000}.btn.btn-yellow:hover{background-color:#ffcd33;color:#1a1a1a}.btn.btn-yellow.secondary{background-color:#fff;border:2px solid #ffc000;color:#ffc000;color:#000}.btn.btn-yellow.secondary:hover{color:#ffcd33;border:2px solid #ffcd33}.btn:hover{box-shadow:0 0 20px rgba(0,0,0,0.2)}.btn:active{box-shadow:none;top:0.5px;left:0.5px}.btn-facebook{background-color:#3b5998;color:#fff;width:2rem;height:2rem;border-radius:50%}.btn-facebook:hover{background-color:#4c70ba;color:#fff}.btn-facebook-secondary{background-color:#fff;border:2px solid #3b5998;color:#3b5998;width:2rem;height:2rem;border-radius:50%}.btn-facebook-secondary:hover{color:#4c70ba;border:2px solid #4c70ba}.btn-google{background-color:#dd4b39;color:#fff;width:2rem;height:2rem;border-radius:50%}.btn-google:hover{background-color:#e47365;color:#fff}.btn-google-secondary{background-color:#fff;border:2px solid #dd4b39;color:#dd4b39;width:2rem;height:2rem;border-radius:50%}.btn-google-secondary:hover{color:#e47365;border:2px solid #e47365}.btn-linkedin{background-color:#0077b5;color:#fff;width:2rem;height:2rem;border-radius:50%}.btn-linkedin:hover{background-color:#0099e8;color:#fff}.btn-linkedin-secondary{background-color:#fff;border:2px solid #0077b5;color:#0077b5;width:2rem;height:2rem;border-radius:50%}.btn-linkedin-secondary:hover{color:#0099e8;border:2px solid #0099e8}.btn-twitter{background-color:#55acee;color:#fff;width:2rem;height:2rem;border-radius:50%}.btn-twitter:hover{background-color:#83c3f3;color:#fff}.btn-twitter-secondary{background-color:#fff;border:2px solid #55acee;color:#55acee;width:2rem;height:2rem;border-radius:50%}.btn-twitter-secondary:hover{color:#83c3f3;border:2px solid #83c3f3}.btn-instagram{background-color:#333;color:#fff;width:2rem;height:2rem;border-radius:50%}.btn-instagram:hover{background-color:#4d4d4d;color:#fff}.btn-instagram-secondary{background-color:#fff;border:2px solid #333;color:#333;width:2rem;height:2rem;border-radius:50%}.btn-instagram-secondary:hover{color:#4d4d4d;border:2px solid #4d4d4d}.btn-youtube{background-color:#cd201f;color:#fff;width:2rem;height:2rem;border-radius:50%}.btn-youtube:hover{background-color:#e23e3d;color:#fff}.btn-youtube-secondary{background-color:#fff;border:2px solid #cd201f;color:#cd201f;width:2rem;height:2rem;border-radius:50%}.btn-youtube-secondary:hover{color:#e23e3d;border:2px solid #e23e3d}.btn-pinterest{background-color:#bd081c;color:#fff;width:2rem;height:2rem;border-radius:50%}.btn-pinterest:hover{background-color:#ee0a23;color:#fff}.btn-pinterest-secondary{background-color:#fff;border:2px solid #bd081c;color:#bd081c;width:2rem;height:2rem;border-radius:50%}.btn-pinterest-secondary:hover{color:#ee0a23;border:2px solid #ee0a23}.btn-email{background-color:#999;color:#fff;width:2rem;height:2rem;border-radius:50%}.btn-email:hover{background-color:#b3b3b3;color:#fff}.btn-email-secondary{background-color:#fff;border:2px solid #999;color:#999;width:2rem;height:2rem;border-radius:50%}.btn-email-secondary:hover{color:#b3b3b3;border:2px solid #b3b3b3}@font-face{font-family:"forbesicon";src:url("https://i.forbesimg.com/assets/fonts/fbs-typography/0233/forbesicon.eot");src:url("https://i.forbesimg.com/assets/fonts/fbs-typography/0233/forbesicon.eot?#iefix") format("embedded-opentype"),url("https://i.forbesimg.com/assets/fonts/fbs-typography/0233/forbesicon.woff") format("woff"),url("https://i.forbesimg.com/assets/fonts/fbs-typography/0233/forbesicon.ttf") format("truetype"),url("https://i.forbesimg.com/assets/fonts/fbs-typography/0233/forbesicon.svg#forbesicon") format("svg");font-weight:normal;font-style:normal}@media screen and (-webkit-min-device-pixel-ratio: 0){@font-face{font-family:"forbesicon";src:url("https://i.forbesimg.com/assets/fonts/fbs-typography/0233/forbesicon.svg#forbesicon") format("svg")}}.icon:before{-moz-osx-font-smoothing:grayscale;-webkit-font-smoothing:antialiased;display:inline-block;font-family:"forbesicon";font-smoothing:antialiased;font-style:normal;font-variant:normal;font-weight:normal;line-height:1;speak:none;text-decoration:inherit;text-rendering:optimizeLegibility;text-transform:none}.icon-add-person:before{content:"\f168"}.icon-amazon:before{content:"\f162"}.icon-arrow-down:before{content:"\f100"}.icon-arrow-down-bar:before{content:"\f149"}.icon-arrow-up:before{content:"\f101"}.icon-authorvoice:before{content:"\f174"}.icon-badge:before{content:"\f15f"}.icon-baidu:before{content:"\f16a"}.icon-book:before{content:"\f102"}.icon-brandvoice-logo:before{content:"\f150"}.icon-brandvoice-logo-brand:before{content:"\f151"}.icon-brandvoice-logo-voice:before{content:"\f152"}.icon-calendar:before{content:"\f143"}.icon-cart:before{content:"\f15b"}.icon-chat:before{content:"\f15c"}.icon-check:before{content:"\f103"}.icon-chevron-down:before{content:"\f135"}.icon-chevron-left:before{content:"\f136"}.icon-chevron-right:before{content:"\f137"}.icon-chevron-up:before{content:"\f138"}.icon-clipboard:before{content:"\f148"}.icon-clock:before{content:"\f146"}.icon-close:before{content:"\f104"}.icon-cog:before{content:"\f134"}.icon-comment-bubble:before{content:"\f105"}.icon-confirmation:before{content:"\f170"}.icon-copy:before{content:"\f153"}.icon-desktop:before{content:"\f164"}.icon-donald-trump:before{content:"\f163"}.icon-download:before{content:"\f14a"}.icon-edit:before{content:"\f141"}.icon-email:before{content:"\f106"}.icon-enlarge:before{content:"\f147"}.icon-error:before{content:"\f171"}.icon-explore:before{content:"\f161"}.icon-facebook:before{content:"\f139"}.icon-flame:before{content:"\f15e"}.icon-forbes-china-logo:before{content:"\f16b"}.icon-forbes-finds-logo:before{content:"\f175"}.icon-forbes-italy:before{content:"\f173"}.icon-forbes-life:before{content:"\f107"}.icon-forbes-logo:before{content:"\f108"}.icon-forbes-logo-f:before{content:"\f109"}.icon-gallery:before{content:"\f140"}.icon-georgia-daquo:before{content:"\f10a"}.icon-georgia-uaquo:before{content:"\f10b"}.icon-google:before{content:"\f13a"}.icon-group:before{content:"\f10c"}.icon-hamburger:before{content:"\f10d"}.icon-handshake:before{content:"\f14b"}.icon-home:before{content:"\f10e"}.icon-insights:before{content:"\f165"}.icon-instagram:before{content:"\f13b"}.icon-italia:before{content:"\f176"}.icon-link:before{content:"\f10f"}.icon-linkedin:before{content:"\f13c"}.icon-location:before{content:"\f156"}.icon-lock:before{content:"\f154"}.icon-megaphone:before{content:"\f14c"}.icon-microphone:before{content:"\f14d"}.icon-mobile:before{content:"\f166"}.icon-pause:before{content:"\f15d"}.icon-phone-call:before{content:"\f14e"}.icon-photo:before{content:"\f167"}.icon-pinterest:before{content:"\f13d"}.icon-plus:before{content:"\f110"}.icon-preview-eye:before{content:"\f145"}.icon-print:before{content:"\f111"}.icon-qzone:before{content:"\f16c"}.icon-renren:before{content:"\f16d"}.icon-reply:before{content:"\f112"}.icon-reset:before{content:"\f113"}.icon-rss-feed:before{content:"\f114"}.icon-search:before{content:"\f115"}.icon-share:before{content:"\f116"}.icon-snapchat:before{content:"\f169"}.icon-square-bracket-left:before{content:"\f11e"}.icon-square-bracket-right:before{content:"\f11f"}.icon-staff-verified:before{content:"\f158"}.icon-star:before{content:"\f120"}.icon-terms:before{content:"\f14f"}.icon-trash:before{content:"\f142"}.icon-tumblr:before{content:"\f13e"}.icon-twitter:before{content:"\f13f"}.icon-twitter-verified:before{content:"\f157"}.icon-u30-logo:before{content:"\f155"}.icon-under-30-logo:before{content:"\f159"}.icon-user:before{content:"\f125"}.icon-video:before{content:"\f126"}.icon-video-rect:before{content:"\f172"}.icon-wechat:before{content:"\f16e"}.icon-weibo:before{content:"\f16f"}.icon-womenforbes-logo:before{content:"\f160"}.icon-youtube:before{content:"\f15a"}html,body{overflow-y:auto}fbs-ad[position="mobile"]{position:fixed;bottom:0;width:100%;text-align:center}*,*:before,*:after{box-sizing:border-box}button{border:none;outline:none;padding:0;background:none;cursor:pointer}img{max-width:100%}a{text-decoration:none;-webkit-tap-highlight-color:transparent}.hidden{display:none !important}h1,h2,h3,h4,h5,h6{margin:0}ul,ol{padding-left:0}fbs-embedly{display:block;height:0;margin:0;overflow:hidden;padding-bottom:67.5%;position:relative;width:100%}fbs-embedly iframe{border:0;height:100%;left:0;position:absolute;top:0;width:100%}fbs-video .brightcove_perform{position:relative;width:100%;height:0;padding-bottom:56.25%;overflow:hidden}fbs-video .vjs-big-play-button .vjs-icon-placeholder:before{content:"" !important}fbs-video .playable-rectangle .vjs-big-play-button,fbs-video .playable-rectangle .play-button-icon{position:absolute;top:50% !important;left:50% !important;width:20% !important;height:0 !important;min-width:30px;max-width:150px;-webkit-transform:translate(-50%, -50%);transform:translate(-50%, -50%);background-color:transparent !important;margin-left:0 !important;margin-top:0 !important;font-family:Arial !important;box-shadow:none !important}fbs-video .playable-rectangle .vjs-big-play-button:before,fbs-video .playable-rectangle .vjs-big-play-button:after,fbs-video .playable-rectangle .play-button-icon:before,fbs-video .playable-rectangle .play-button-icon:after{content:" ";display:block;position:absolute;width:100%;padding-top:100%;transition:all 0.2s ease-in-out;margin-top:-50%}fbs-video .playable-rectangle .vjs-big-play-button:before,fbs-video .playable-rectangle .play-button-icon:before{background:url("data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9Ii0zMjAgMjMyIDE1MCAxNTAiPjxwYXRoIGQ9Ik0tMjQ1IDIzMmMtNDEuNCAwLTc1IDMzLjYtNzUgNzVzMzMuNiA3NSA3NSA3NSA3NS0zMy42IDc1LTc1Uy0yMDMuNiAyMzItMjQ1IDIzMnoiLz48L3N2Zz4=");opacity:0.5}fbs-video .playable-rectangle .vjs-big-play-button:after,fbs-video .playable-rectangle .play-button-icon:after{background:url("data:image/svg+xml;base64,PHN2ZyB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciIHZpZXdCb3g9Ii0zMjAgMjMyIDE1MCAxNTAiPjxzdHlsZSB0eXBlPSJ0ZXh0L2NzcyI+ICANCgkuc3Qwe2ZpbGw6I0ZGRkZGRjt9DQo8L3N0eWxlPjxwb2x5Z29uIGNsYXNzPSJzdDAiIHBvaW50cz0iLTI2NC4xIDMzOS41IC0yNjQuMSAyNzQuNSAtMjA3LjkgMzA3ICIvPjwvc3ZnPg==")}fbs-video .playable-rectangle:hover .vjs-big-play-button:before,fbs-video .playable-rectangle:hover .play-button-icon:before{-webkit-transform:scale(0);transform:scale(0)}fbs-video .playable-rectangle:hover .vjs-big-play-button:after,fbs-video .playable-rectangle:hover .play-button-icon:after{-webkit-transform:scale(2);transform:scale(2)}fbs-quotecard{display:inline}fbs-quotecard .card-preview{position:relative;display:inline-block;line-height:1.4em;padding-left:4px}fbs-quotecard .card-preview:hover .preview.negative{color:#fff;background-color:#c20c00;border-color:#a70a00}fbs-quotecard .card-preview:hover .preview.positive{color:#fff;background-color:#017200;border-color:#015900}fbs-quotecard a.preview{font-weight:600;padding:0 3px;color:#555;border-radius:4px}fbs-quotecard a.preview.negative{border:1px #f6dbd9 solid;background-color:#faeceb}fbs-quotecard a.preview.positive{border:1px #d6e8d6 solid;background-color:#eaf3ea}fbs-quotecard .card-hover{position:absolute;top:1.2em;left:3px;width:220px}fbs-quotecard .card-hover.reverse-display{left:auto;right:3px}fbs-quotecard .card-hover.reverse-display .card-contents:after{left:auto;right:20px}fbs-quotecard .card-hover.above{top:auto;bottom:2.5em}fbs-quotecard .card-hover.above .card-contents:after{content:'▼';top:auto;bottom:-0.9em;text-shadow:0 3px 2px rgba(0,0,0,0.2)}fbs-quotecard .card-contents{width:100%;position:relative;top:14px;background-color:#fff;padding:20px;z-index:10;border-radius:5px;box-shadow:2px 2px 8px #000}fbs-quotecard .card-contents:after{position:absolute;top:-0.8em;left:20px;content:'▲';display:inline-block;color:#fff;text-shadow:0 -3px 2px rgba(0,0,0,0.2);-webkit-transform:scaleX(1.75);transform:scaleX(1.75)}fbs-quotecard a.company-name{color:black}fbs-quotecard a.company-name:hover{color:#003891;cursor:pointer}fbs-quotecard a.company-name h2{margin-top:0;margin-bottom:3px;font-weight:normal}fbs-quotecard a.ticker{font-weight:bold;text-decoration:underline}fbs-quotecard a.ticker h5{margin-top:0;margin-bottom:0}fbs-quotecard h2,fbs-quotecard h5,fbs-quotecard h5.fs-headline{margin-top:0;margin-bottom:0}fbs-quotecard p.cost,fbs-quotecard p.as-of{margin-left:0}fbs-quotecard .cost{font-weight:bold;color:black;margin-bottom:0;margin-top:0.5em}fbs-quotecard .cost span.difference{font-size:.6em;margin:4px}fbs-quotecard .cost span.difference.negative{color:#c20c00}fbs-quotecard .cost span.difference.negative .icon:before{content:"\f100";padding-right:2px}fbs-quotecard .cost span.difference.positive{color:#017200}fbs-quotecard .cost span.difference.positive .icon:before{content:"\f101";padding-right:2px}fbs-quotecard .cost span.difference span{margin:2px}fbs-quotecard p.as-of{color:#939393;margin-top:0;margin-bottom:1em;line-height:1.4;font-size:13px}fbs-quotecard ul.stories{border:5px solid #ddd;border-width:5px 0 0}fbs-quotecard ul.stories li.story{list-style-type:none;margin:1em 0 0}fbs-quotecard .hidden{display:none}.slick-slider{position:relative;display:block;box-sizing:border-box;-webkit-touch-callout:none;-webkit-user-select:none;-moz-user-select:none;-ms-user-select:none;user-select:none;touch-action:pan-y;-webkit-tap-highlight-color:transparent}.slick-list{position:relative;overflow:hidden;display:block;margin:0;padding:0}.slick-list:focus{outline:none}.slick-list.dragging{cursor:pointer;cursor:hand}.slick-slider .slick-track,.slick-slider .slick-list{-webkit-transform:translate3d(0, 0, 0);transform:translate3d(0, 0, 0)}.slick-track{position:relative;left:0;top:0;display:block;margin-left:auto;margin-right:auto}.slick-track:before,.slick-track:after{content:"";display:table}.slick-track:after{clear:both}.slick-loading .slick-track{visibility:hidden}.slick-slide{float:left;height:100%;min-height:1px;display:none}[dir="rtl"] .slick-slide{float:right}.slick-slide img{display:block}.slick-slide.slick-loading img{display:none}.slick-slide.dragging img{pointer-events:none}.slick-initialized .slick-slide{display:block}.slick-loading .slick-slide{visibility:hidden}.slick-vertical .slick-slide{display:block;height:auto;border:1px solid transparent}.slick-arrow.slick-hidden{display:none}fbs-accordion>*{overflow:hidden}fbs-accordion [aria-expanded="false"]{height:1em}fbs-accordion [aria-expanded="true"]{height:100%}html,body{overflow-y:auto}#server-ad-rail{position:absolute;z-index:1}#server-ad-rail fbs-ad{display:block;margin-top:600px}#server-ad-rail fbs-ad:first-of-type{margin-top:0}.ratio1x1:before{content:'';display:block;padding-bottom:100%}@media all and (max-width: 480px){fbs-ad{text-align:center}}
</style><script type="text/javascript">window.LUX=window.LUX||{};window.LUX.samplerate=1;</script><script src="https://cdn.speedcurve.com/js/lux.js?id=22432108" data-key="https://cdn.speedcurve.com/js/lux.js?id=22432108" onload="this.dataset.loaded = true" async="" defer=""></script><style ng-transition="ng-templates">[_nghost-c2]{position:absolute;min-width:768px;width:100%;padding:0;background-color:#F2F2F2}@media all and (min-width: 1025px) and (max-width: 1229px){[_nghost-c2]{padding:0 2.5%}}</style><style ng-transition="ng-templates">[_nghost-c4]{position:fixed;z-index:2}.navbar-expanded[_nghost-c4]   .brand-logo-container[_ngcontent-c4]{display:flex;align-items:center}.navbar-expanded[_nghost-c4]   .homepage-link[_ngcontent-c4]{font-size:0.875rem;font-weight:normal}.top-nav[_ngcontent-c4]{height:100%;width:100%;display:flex;align-items:center;position:relative}li[_ngcontent-c4]{cursor:pointer}.expand-social[_ngcontent-c4], .trending[_ngcontent-c4]{display:none}.core-unit[_ngcontent-c4]{display:flex;margin-right:.5em;padding-right:.5em;border-right:2px solid gray}.core-unit[_ngcontent-c4]   .core-unit-logo[_ngcontent-c4]{max-width:calc(115.9px * 16/13);min-width:calc(115.9px * 16/13);height:16px !important}core-unit-subscription[_ngcontent-c4]{position:absolute;right:5.8%;top:0}a[_ngcontent-c4]{text-transform:uppercase;font-weight:700}.icon-hamburger[_ngcontent-c4], .icon-search[_ngcontent-c4], .icon-close[_ngcontent-c4]{transition:opacity, -webkit-transform;transition:transform, opacity;transition:transform, opacity, -webkit-transform;will-change:transform, opacity}.icon-hamburger[_ngcontent-c4], .icon-search[_ngcontent-c4], .icon-close[_ngcontent-c4]{transition:opacity 0.5s ease-in-out}.icon-close[_ngcontent-c4]:before{transition:-webkit-transform 0.25s ease-in-out;transition:transform 0.25s ease-in-out;transition:transform 0.25s ease-in-out, -webkit-transform 0.25s ease-in-out}.icon-close[_ngcontent-c4]{opacity:0;z-index:0}.icon-close[_ngcontent-c4]:before{-webkit-transform:rotate(90deg);transform:rotate(90deg)}.icon-hamburger[_ngcontent-c4], .icon-search[_ngcontent-c4]{position:absolute;opacity:1;z-index:1}.hamburger[_ngcontent-c4]{margin-right:.5em}.hamburger.open[_ngcontent-c4]   .icon-close[_ngcontent-c4]{opacity:1;z-index:1}.hamburger.open[_ngcontent-c4]   .icon-close[_ngcontent-c4]:before{-webkit-transform:rotate(0deg);transform:rotate(0deg)}.hamburger.open[_ngcontent-c4]   .icon-hamburger[_ngcontent-c4]{z-index:0;opacity:0}.icon-search[_ngcontent-c4]{width:1em}.homepage-link[_ngcontent-c4]{height:1em}.search.open[_ngcontent-c4]   .icon-close[_ngcontent-c4]{opacity:1;z-index:1}.search.open[_ngcontent-c4]   .icon-close[_ngcontent-c4]:before{-webkit-transform:rotate(0deg);transform:rotate(0deg)}.search.open[_ngcontent-c4]   .icon-search[_ngcontent-c4]{opacity:0;z-index:0}sharing[_ngcontent-c4]{display:none}sharing[_ngcontent-c4]     .chat{display:none}@media all and (min-width: 1230px){[_nghost-c4]{height:60px;width:250px;background-color:#333;color:#fff}.navbar-expanded[_nghost-c4]{width:100%}.navbar-expanded[_nghost-c4]   .top-nav[_ngcontent-c4]{width:400px}.top-nav[_ngcontent-c4]{padding:0 1em}.search[_ngcontent-c4]{position:absolute;top:50%;-webkit-transform:translateY(-50%);transform:translateY(-50%)}.search[_ngcontent-c4]{right:1em}.share-expanded[_ngcontent-c4]{display:none}}@media all and (min-width: 1280px){[_nghost-c4]{width:400px}.slotted-swimlaned[_nghost-c4]:not(.navbar-expanded){width:290px}}@media all and (min-width: 1440px){.slotted-swimlaned[_nghost-c4]:not(.navbar-expanded){width:400px}}@media (min-width: 769px) and (max-width: 1229px){[_nghost-c4]{width:60px;height:100%;background:#fff;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKAQMAAAHA+21oAAAABlBMVEX///+tra03rAC8AAAAAXRSTlMAQObYZgAAACdJREFUCB1jaGBAAAeGBgYOBgUwKQCkHRgOACUPMDAzMPAwMBgwAABYMQQgMKldwwAAAABJRU5ErkJggg==);background-size:5px 5px;text-align:center;display:flex;flex-direction:column;justify-content:space-between}.navbar-expanded[_nghost-c4]   .top-nav[_ngcontent-c4]{margin-top:0;transition:none}.navbar-expanded[_nghost-c4]   .hamburger[_ngcontent-c4]{margin-right:0}.navbar-expanded[_nghost-c4]   .brand-logo-container[_ngcontent-c4]{display:none}core-unit-subscription[_ngcontent-c4]{display:none}sharing.expanded[_ngcontent-c4]{display:block}sharing[_ngcontent-c4]     .expand-social{display:inline-block}sharing[_ngcontent-c4]     ul{display:flex;width:650px}sharing[_ngcontent-c4]     li{font-size:1.5em}sharing[_ngcontent-c4]     li.permalink{background:#B3B3B3;padding-right:20px;margin-left:-3px}sharing[_ngcontent-c4]     li.permalink button{float:left}sharing[_ngcontent-c4]     button{width:60px;height:60px;border-radius:0}sharing[_ngcontent-c4]     button .icon-share{vertical-align:middle;font-size:1.25rem;font-weight:normal}sharing[_ngcontent-c4]     button.email{background-color:#000}sharing[_ngcontent-c4]     button .icon-link:before{content:"\f10f"}sharing[_ngcontent-c4]     span input{width:200px;height:40px;margin-top:10px}.core-unit[_ngcontent-c4]{display:none}.top-nav[_ngcontent-c4], .bottom-sticky[_ngcontent-c4]{display:flex;flex-direction:column;height:50%}.top-nav[_ngcontent-c4]{margin-top:-60px;transition:margin-top 0.25s ease-in-out}.top-nav.nav-items-container[_ngcontent-c4]{margin-top:0px}.top-nav[_ngcontent-c4]   a[_ngcontent-c4]{display:block;width:60px;height:60px;line-height:60px}.top-nav[_ngcontent-c4]   .share-expanded[_ngcontent-c4]{display:none}.bottom-sticky[_ngcontent-c4]{justify-content:space-between}.brand-logo-container[_ngcontent-c4]{order:-1}.homepage-link[_ngcontent-c4]{color:#fff;background:#333;font-size:0.875rem;font-weight:normal}.expand-social[_ngcontent-c4]{display:inline-block}li[_ngcontent-c4]{width:30px;height:30px;line-height:30px;color:#fff;float:left;text-align:center}li.share-text[_ngcontent-c4]{font-weight:bold;line-height:20px;height:20px;width:100%;color:#333;background:#fff;text-transform:uppercase}.icon-facebook[_ngcontent-c4]{background-color:#3b5998}.icon-twitter[_ngcontent-c4]{background-color:#55acee}.icon-email[_ngcontent-c4]{background:#000}.icon-linkedin[_ngcontent-c4]{background-color:#0077b5}.icon-chevron-right[_ngcontent-c4]{margin-left:3px}.hamburger[_ngcontent-c4]{margin-right:0}.hamburger[_ngcontent-c4]:hover   .icon-hamburger[_ngcontent-c4]:before, .search[_ngcontent-c4]:hover   .icon-search[_ngcontent-c4]:before{color:#fff;background-color:#333}.icon-hamburger[_ngcontent-c4]:before{font-size:1.1em;width:60px;height:auto;padding:20px;background-color:#fff}.icon-search[_ngcontent-c4]:before{font-size:1.1em;width:60px;height:auto;padding:20px;background-color:#fff}.icon-close[_ngcontent-c4]:before{width:100%;color:#fff;padding:20px;background-color:#333}.trending[_ngcontent-c4]{display:block;padding:0;width:60px;height:60px;line-height:60px;background-color:#4D4D4D;color:#fff;font-size:1.6em}.icon-plus[_ngcontent-c4]:before{transition:-webkit-transform 0.25s ease-in-out;transition:transform 0.25s ease-in-out;transition:transform 0.25s ease-in-out, -webkit-transform 0.25s ease-in-out;-webkit-transform:rotate(0deg);transform:rotate(0deg)}.icon-plus.rotate[_ngcontent-c4]:before{-webkit-transform:rotate(45deg);transform:rotate(45deg)}.trending[_ngcontent-c4]   small[_ngcontent-c4]{position:absolute;bottom:0;left:0;width:100%;text-transform:uppercase;line-height:normal}.trending[_ngcontent-c4]   small.closed[_ngcontent-c4]{display:none}}@media all and (max-width: 768px){[_nghost-c4]{width:100%;height:60px;background-color:#fff;color:#1A1A1A;border-bottom:solid #E6E6E6 2px}.navbar-expanded[_nghost-c4]{background-color:#333;color:#fff}.top-nav[_ngcontent-c4]{padding:0 1em}sharing.expanded[_ngcontent-c4]{display:inline}sharing[_ngcontent-c4]{position:fixed;top:60px;right:26px;height:120px;padding:.5em;background-color:#666;border-radius:5px;width:275px;color:#fff;font-size:1.5rem;font-weight:normal}sharing[_ngcontent-c4]     li{font-size:1.5rem;font-weight:normal}sharing[_ngcontent-c4]     button{margin:5px;border-radius:0;width:40px;height:40px;line-height:40px}sharing[_ngcontent-c4]     .share-expanded, sharing[_ngcontent-c4]     .google{display:none}sharing[_ngcontent-c4]     .email{background-color:#333}sharing[_ngcontent-c4]     .chat{display:inline-block;width:40px;height:40px;line-height:40px;text-align:center}sharing[_ngcontent-c4]     .permalink{display:block}sharing[_ngcontent-c4]     .permalink span{position:absolute;right:0.5em}sharing[_ngcontent-c4]     .permalink input{width:200px;height:40px}.search[_ngcontent-c4]   .icon-close[_ngcontent-c4]{display:none}core-unit-subscription[_ngcontent-c4]{right:15%}.search[_ngcontent-c4]{position:absolute;right:2em;width:1em;height:1em}.search[_ngcontent-c4], .share-expanded[_ngcontent-c4]{top:50%;-webkit-transform:translateY(-50%);transform:translateY(-50%)}.share-expanded[_ngcontent-c4]{position:absolute;right:1em}}</style><style ng-transition="ng-templates">fbs-video.sticky-video{position:fixed;top:60px;left:0;z-index:99}@media all and (min-width: 1230px) and (max-width: 1279px){  .sticky-video{width:250px}}@media all and (min-width: 1280px){  .sticky-video{width:400px}  .sticky-video.sticky-sponsored-video{width:290px}}@media all and (min-width: 1440px){  .sticky-video.sticky-sponsored-video{width:400px}}[_nghost-c7]{display:block;height:100%;position:fixed;width:390px;top:0}@media all and (min-width: 1230px){[_nghost-c7]{top:60px}.video-placeholder[_ngcontent-c7]{background-color:#000}.video-placeholder[_ngcontent-c7]   .overlay-title[_ngcontent-c7]{position:absolute;left:0;width:100%;z-index:1;font-weight:bold;line-height:15px;padding:5px 0 5px 1em;color:#fff;background-color:rgba(51,51,51,0.5);display:none}.video-placeholder[_ngcontent-c7]:hover   .overlay-title[_ngcontent-c7]{display:block}}@media all and (min-width: 1230px) and (max-width: 1279px){[_nghost-c7]{width:250px}[_nghost-c7]   .article-sidebar-video[_ngcontent-c7], [_nghost-c7]   .relative-video[_ngcontent-c7]{margin-top:calc(250px * (9/16));height:calc(100% - calc(250px * (9/16)) - 60px)}}@media all and (min-width: 1280px){[_nghost-c7]{width:400px}[_nghost-c7]   .article-sidebar-video[_ngcontent-c7], [_nghost-c7]   .relative-video[_ngcontent-c7]{margin-top:calc(400px * (9/16));height:calc(100% - calc(400px * (9/16)) - 60px)}.slotted-swimlaned[_nghost-c7]{width:290px}.slotted-swimlaned[_nghost-c7]   .article-sidebar-video[_ngcontent-c7], .slotted-swimlaned[_nghost-c7]   .relative-video[_ngcontent-c7]{margin-top:calc(290px * (9/16));height:calc(100% - calc(290px * (9/16)) - 60px)}}@media all and (min-width: 1440px){.slotted-swimlaned[_nghost-c7]{width:400px}.slotted-swimlaned[_nghost-c7]   .article-sidebar-video[_ngcontent-c7], .slotted-swimlaned[_nghost-c7]   .relative-video[_ngcontent-c7]{margin-top:calc(400px * (9/16));height:calc(100% - calc(400px * (9/16)) - 60px)}}@media all and (max-width: 1229px){.navbar-expanded[_nghost-c7]{height:calc(100% - 60px);top:60px}.video-placeholder[_ngcontent-c7]{display:none}}@media all and (min-width: 769px) and (max-width: 1229px){[_nghost-c7]{margin-left:60px}}@media all and (max-width: 768px){[_nghost-c7]{top:60px}}</style><style ng-transition="ng-templates">[_nghost-c13]{margin-left:60px;display:block;position:relative;background-color:#fff;height:100%;z-index:1;transition:-webkit-transform 200ms;transition:transform 200ms;transition:transform 200ms, -webkit-transform 200ms}.sidebar-expanded[_nghost-c13]{will-change:transform;-webkit-transform:translate(390px, 0);transform:translate(390px, 0)}page[_ngcontent-c13]{max-width:1800px;width:100%;margin:0 auto}fbs-ad[_ngcontent-c13]{position:fixed;bottom:0;width:100%;text-align:center}@media all and (min-width: 1230px){[_nghost-c13]{margin-left:250px}.sidebar-expanded[_nghost-c13]{-webkit-transform:none;transform:none;will-change:inherit}}@media all and (min-width: 1230px) and (max-width: 1279px){[_nghost-c13]{margin-left:250px}page[_ngcontent-c13]{padding:0 35px}}@media all and (min-width: 1280px){[_nghost-c13]{margin-left:400px}.slotted-swimlaned[_nghost-c13]{margin-left:290px}page[_ngcontent-c13]{width:95%}}@media all and (min-width: 1440px){.slotted-swimlaned[_nghost-c13]{margin-left:400px}}@media all and (max-width: 768px){[_nghost-c13]{margin:auto}}</style><script src="https://www.googletagservices.com/tag/js/gpt.js" data-key="https://www.googletagservices.com/tag/js/gpt.js" onload="this.dataset.loaded = true" async="" defer=""></script><script src="https://native.sharethrough.com/assets/sfp.js" data-key="https://native.sharethrough.com/assets/sfp.js" onload="this.dataset.loaded = true" async="" defer=""></script><style ng-transition="ng-templates">[_nghost-c14]{padding:0 5%;display:block}[_nghost-c14]     .share-expanded{display:none}.fs-article[_ngcontent-c14]{max-width:initial}featured-image[_ngcontent-c14]{margin-bottom:2em}sharing[_ngcontent-c14]{font-size:1.25em}sharing[_ngcontent-c14]     li{margin-right:8px}sharing[_ngcontent-c14]     .email{background:#000}.article-wrapper[_ngcontent-c14]{position:relative}.article-wrapper[_ngcontent-c14]:before, .article-wrapper[_ngcontent-c14]:after{content:" ";display:table}.article-wrapper[_ngcontent-c14]:after{clear:both}.body-container[_ngcontent-c14]{display:block;padding-right:5%;margin-right:300px}.body-container.no-rail[_ngcontent-c14]{margin-right:0}.body-container.no-rail[_ngcontent-c14]   .fs-article[_ngcontent-c14]{max-width:100%}article-body-container[_ngcontent-c14]{display:block}article-body-container[_ngcontent-c14], contrib-block[_ngcontent-c14], guest-contrib[_ngcontent-c14], group-blog[_ngcontent-c14]{margin-top:1em}footer[_ngcontent-c14]{display:inline-block;width:100%}footer[_ngcontent-c14]   pagination-nav[_ngcontent-c14]{float:right}footer[_ngcontent-c14]   sharing[_ngcontent-c14]{clear:both;float:right;position:relative;margin:5px 0}footer[_ngcontent-c14]   sharing[_ngcontent-c14]:before{content:'Share: ';position:absolute;left:-55px;line-height:30px;color:#333;font-size:0.875rem;font-weight:normal;font-weight:bold;font-family:"Avenir","Noto Sans","Droid Sans","Helvetica Neue",Corbel,Helvetica,Arial,sans-serif}.ad-rail-container[_ngcontent-c14]{float:right;height:auto}fbs-ad-rail[_ngcontent-c14]{display:block;width:300px;height:100%}fbs-ad-rail[_ngcontent-c14]     fbs-ad{margin-top:600px;display:block}fbs-ad-rail[_ngcontent-c14]     fbs-ad[position="spon-logo"], fbs-ad-rail[_ngcontent-c14]     fbs-ad[position="rec"]{margin-top:0}fbs-ad-rail[_ngcontent-c14]     [position="spon-logo"] div:first-child{margin-bottom:20px}@media all and (min-width: 1025px) and (max-width: 1229px){[_nghost-c14]{padding:0 7.5%}}@media all and (max-width: 1229px){sharing[_ngcontent-c14]{display:none}}@media all and (max-width: 768px){[_nghost-c14]{padding-top:60px}}</style><style ng-transition="ng-templates">[_nghost-c15]{width:100%;background:#fff;font-weight:normal;display:inline-block}.core-unit[_nghost-c15]{margin-top:60px}[position="top"][_ngcontent-c15]{display:block;width:100%;min-height:90px;padding:12px 0;text-align:center;z-index:1}[position="top"][_ngcontent-c15]    >div{margin:0 -8.8%;overflow-x:auto;overflow-y:hidden}.top-ad-container[_ngcontent-c15]{min-height:116px;border-bottom:2px solid #E6E6E6;margin:auto;float:none}.sticky[_ngcontent-c15]{position:fixed;top:0;border:none;width:100%;background:#fff;z-index:9999;transition:top 500ms}.sticky.core-unit[_ngcontent-c15]{top:60px}group-blog-blurb[_ngcontent-c15]{margin-top:1em}.women-at-forbes[_ngcontent-c15]{width:135px;height:20px;float:left;margin:10px 20px 0 0}.women-at-forbes[_ngcontent-c15]   img[_ngcontent-c15]{vertical-align:top}.article-meta[_ngcontent-c15]{min-height:1em;line-height:20px;color:gray;display:block;margin-top:1em;font-weight:bold}.article-meta[_ngcontent-c15]   channel-path[_ngcontent-c15]{display:none}.badge[_ngcontent-c15]{display:inline-block;position:relative;margin-left:1em}.forbes-on-trump[_ngcontent-c15]{color:#fff;background-color:#333;padding:2px 7px 0 29px;font-weight:bold}.forbes-on-trump[_ngcontent-c15]   .icon-donald-trump[_ngcontent-c15]{position:absolute;top:1px;left:4px}.forbes-on-trump[_ngcontent-c15]:before{content:'Forbes on trump';text-transform:uppercase}.forbes-100[_ngcontent-c15]{vertical-align:top;background-color:#333}.forbes-100[_ngcontent-c15]   img[_ngcontent-c15]{padding:2px}.editors-pick[_ngcontent-c15]:before{content:'Editor\'s pick';color:#1A1A1A;margin-left:23px;font-weight:bold;text-transform:uppercase}.icon-badge[_ngcontent-c15]{position:absolute;left:0;top:0;color:#ffc000}.icon-star[_ngcontent-c15]{position:absolute;top:-1px;left:3.5px;color:#1A1A1A}div[_ngcontent-c15]{float:right;margin-left:6px}div[_ngcontent-c15]   a[_ngcontent-c15]{padding:3px 5px;background-color:#003891;color:#fff;text-decoration:none;text-transform:uppercase;border-radius:8px;transition:all 0.15s ease-in-out}div[_ngcontent-c15]   a[_ngcontent-c15]:hover{background-color:#000}.circ-link[_ngcontent-c15]{font-weight:bold;color:#c41a23;float:right}featured-image[_ngcontent-c15]{margin:1rem 0}.badge-wrapper[_ngcontent-c15]{display:none}.badge-wrapper[_ngcontent-c15]   .badge[_ngcontent-c15]{display:inline-block;position:relative;margin-left:1em}.badge-wrapper[_ngcontent-c15]   [_ngcontent-c15]:first-child{margin-left:0}.badge-wrapper[_ngcontent-c15]   .women-at-forbes[_ngcontent-c15]{width:162px;height:24px;border:1px solid #000;margin:0}.badge-wrapper[_ngcontent-c15]   .forbes-on-trump[_ngcontent-c15], .badge-wrapper[_ngcontent-c15]   .forbes-100[_ngcontent-c15]{vertical-align:top}.badge-wrapper[_ngcontent-c15]   .forbes-on-trump[_ngcontent-c15]   img[_ngcontent-c15], .badge-wrapper[_ngcontent-c15]   .forbes-100[_ngcontent-c15]   img[_ngcontent-c15]{padding:2px}.badge-wrapper[_ngcontent-c15]   .forbes-on-trump[_ngcontent-c15]{color:#fff;background-color:#333;padding:2px 7px 0 29px;font-weight:bold;line-height:20px}.badge-wrapper[_ngcontent-c15]   .forbes-on-trump[_ngcontent-c15]   .icon-donald-trump[_ngcontent-c15]{position:absolute;top:1px;left:4px}.badge-wrapper[_ngcontent-c15]   .forbes-on-trump[_ngcontent-c15]:before{content:'Forbes on trump';text-transform:uppercase}.badge-wrapper[_ngcontent-c15]   .forbes-100[_ngcontent-c15]{vertical-align:top;background-color:#333}.badge-wrapper[_ngcontent-c15]   .forbes-100[_ngcontent-c15]   img[_ngcontent-c15]{padding:2px}@media all and (max-width: 768px){.core-unit[_nghost-c15]{margin-top:0}channel-path[_ngcontent-c15], .women-at-forbes[_ngcontent-c15], .forbes-on-trump[_ngcontent-c15], .forbes-100[_ngcontent-c15], .circ-link[_ngcontent-c15]{display:none}.article-meta[_ngcontent-c15]   channel-path[_ngcontent-c15]{display:block}.badge-wrapper[_ngcontent-c15]{display:inline-block}}@media all and (min-width: 1230px) and (max-width: 1329px){[position="top"][_ngcontent-c15]    >div{margin:0 -3.6%}}</style><style ng-transition="ng-templates">[_nghost-c26]{display:inline-block;font-weight:bold;text-transform:uppercase}.view-count[_ngcontent-c26]{margin-left:2em}</style><style ng-transition="ng-templates">[_nghost-c10]{text-transform:uppercase;display:block;font-family:forbesicon}.reversible[_nghost-c10]   .icon-facebook[_ngcontent-c10]{background:#3b5998;color:#fff}.reversible[_nghost-c10]   .icon-facebook[_ngcontent-c10]:hover{background:#fff;color:#3b5998}.reversible[_nghost-c10]   .icon-twitter[_ngcontent-c10]{background:#55acee;color:#fff}.reversible[_nghost-c10]   .icon-twitter[_ngcontent-c10]:hover{background:#fff;color:#55acee}.reversible[_nghost-c10]   .icon-linkedin[_ngcontent-c10]{background:#0077b5;color:#fff}.reversible[_nghost-c10]   .icon-linkedin[_ngcontent-c10]:hover{background:#fff;color:#0077b5}.reversible[_nghost-c10]   .icon-google[_ngcontent-c10]{background:#dd4b39;color:#fff}.reversible[_nghost-c10]   .icon-google[_ngcontent-c10]:hover{background:#fff;color:#dd4b39}.reversible[_nghost-c10]   .icon-pinterest[_ngcontent-c10]{background:#bd081c;color:#fff}.reversible[_nghost-c10]   .icon-pinterest[_ngcontent-c10]:hover{background:#fff;color:#bd081c}.reversible[_nghost-c10]   .icon-email[_ngcontent-c10]{background:#B3B3B3;color:#fff}.reversible[_nghost-c10]   .icon-email[_ngcontent-c10]:hover{background:#fff;color:#B3B3B3}li[_ngcontent-c10]{display:inline-block;line-height:1.5em}li.share-expanded[_ngcontent-c10]{background-color:#fff}li.share-expanded[_ngcontent-c10]   button[_ngcontent-c10]{color:#333}li.share-expanded[_ngcontent-c10]   button[_ngcontent-c10]:after{content:'share';text-transform:uppercase;display:block;font-weight:700;font-size:10px;line-height:10px;position:relative;top:-15px}button[_ngcontent-c10]{color:#fff;width:1.5em;height:1.5em;border-radius:50%}input[_ngcontent-c10]{width:auto;height:1.5em;border:0;padding:0 10px;font:400 1rem "Georgia","Cambria","Times New Roman","Times",serif;border-radius:5px;box-shadow:inset 2px 3px 3px rgba(0,0,0,0.1)}.facebook[_ngcontent-c10]{background-color:#3b5998}.twitter[_ngcontent-c10]{background-color:#55acee}.linkedin[_ngcontent-c10]{background-color:#0077b5}.google[_ngcontent-c10]{background-color:#dd4b39}.pinterest[_ngcontent-c10]{background-color:#bd081c}.email[_ngcontent-c10]{background-color:#B3B3B3}.chat[_ngcontent-c10]{background-color:#009623;width:1.5em}.chat[_ngcontent-c10]   i[_ngcontent-c10]:before{content:"\f15c"}</style><style ng-transition="ng-templates">[_nghost-c22]{display:block;margin:20px 0;clear:both}ul[_ngcontent-c22]{display:flex;justify-content:space-between}li[_ngcontent-c22]{display:inline-block;font-weight:bold;color:#333;text-align:left;padding:0 3px}li[_ngcontent-c22]   a[_ngcontent-c22]{text-decoration:underline}li[_ngcontent-c22]   a[_ngcontent-c22]:hover, li[_ngcontent-c22]   a[_ngcontent-c22]:active{color:#069eec}.print[_ngcontent-c22]{padding-left:0}@media all and (max-width: 768px){.print[_ngcontent-c22]{display:none}}@media all and (max-width: 480px){i[_ngcontent-c22]{padding-right:0}li[_ngcontent-c22]{display:block;float:left}}</style><style ng-transition="ng-templates">[_nghost-c17]{display:inline-block;width:100%}contrib-byline.no-disclaimer[_ngcontent-c17]{padding-top:12px}.contrib-container[_ngcontent-c17]{display:flex}.fs-author-avatar[_ngcontent-c17]{width:4em;height:4em;max-width:80px}.fs-author-avatar[_ngcontent-c17]   img[_ngcontent-c17]{min-width:60px;width:100%}.most-popular-icon[_ngcontent-c17]   small[_ngcontent-c17]{display:none;position:absolute;top:0;left:25px;padding:5px;background-color:#ffc000;font-weight:bold;border-radius:4px;text-transform:uppercase;white-space:nowrap}.contrib-tagline[_ngcontent-c17]{color:#999;font-style:italic;line-height:1.25;margin-top:0.5em}.full-bio[_ngcontent-c17]{display:inline-block;color:#003891;font-weight:bold;text-transform:uppercase}.full-bio[_ngcontent-c17]:before{content:'Full Bio'}.bio-expanded[_ngcontent-c17]{background-color:#F2F2F2;position:relative;padding:.8em;margin:-.8em}.bio-expanded[_ngcontent-c17]   .full-bio[_ngcontent-c17]{position:absolute;right:8px;top:5px;color:#000}.bio-expanded[_ngcontent-c17]   .full-bio[_ngcontent-c17]:before{content:''}.bio-expanded[_ngcontent-c17]   .icon-chevron-down[_ngcontent-c17]:before{content:'\f104'}.legal-disclaimer[_ngcontent-c17]{display:block;margin-top:1em}  follow-link{display:block;margin:.2em 0}.social-links[_ngcontent-c17]{display:flex}li[_ngcontent-c17]{padding:0 10px}li[_ngcontent-c17]   .icon[_ngcontent-c17]{color:#666}li[_ngcontent-c17]:first-of-type{padding-left:0}.icon[_ngcontent-c17]:hover.icon-facebook{color:#3b5998}.icon[_ngcontent-c17]:hover.icon-twitter{color:#55acee}.icon[_ngcontent-c17]:hover.icon-linkedin{color:#0077b5}.icon[_ngcontent-c17]:hover.icon-instagram{color:#333}.icon[_ngcontent-c17]:hover.icon-rss-feed{color:#f38521}.icon[_ngcontent-c17]:hover.icon-book{color:#f90}.icon[_ngcontent-c17]:hover.icon-google{color:#dd4b39}.icon[_ngcontent-c17]:hover.icon-youtube{color:#cd201f}@media (max-width: 1024px){.fs-author-avatar[_ngcontent-c17]{max-width:40px;max-height:45px}.fs-author-avatar[_ngcontent-c17]   img[_ngcontent-c17]{min-width:40px}}@media (min-width: 768px){.most-popular-icon[_ngcontent-c17]:hover   small[_ngcontent-c17]{display:inline}}</style><style ng-transition="ng-templates">[_nghost-c27]{display:block}.brand[_ngcontent-c27]{color:#c41a23;font-style:italic;vertical-align:baseline}.comma[_ngcontent-c27]{margin-left:-.25rem}.contrib-byline-type[_ngcontent-c27]{color:#999;text-transform:uppercase}.icon-staff-verified[_ngcontent-c27]{color:#003891}.icon-u30-logo[_ngcontent-c27]{color:#ffc000}.icon-womenforbes-logo[_ngcontent-c27]{color:#000;vertical-align:middle}</style><style ng-transition="ng-templates">.article-gallery-embedded{border-color:#E6E6E6;border-style:solid;border-width:3px 0px;width:100%;padding:1.5em 5%;margin:1em 0;font-size:1.5rem;font-weight:normal;overflow:hidden}  .article-gallery-embedded .article-image-box{width:47%;float:left;margin-right:3%}  .article-gallery-embedded .article-image-box img{display:block}  .article-gallery-embedded .article-text-box{width:50%;float:left}  .article-gallery-embedded .article-text-box header{font:700 0.875em "Helvetica Neue",Helvetica,Arial,sans-serif;color:#003891;margin-bottom:.5em}  .article-gallery-embedded .article-text-box header .icon{color:#999;margin-right:.5em}  .article-gallery-embedded .article-text-box h4{font:normal 1.5em "Georgia","Cambria","Times New Roman","Times",serif;color:#000}  .article-gallery-embedded .article-text-box .article-launch-gallery{display:inline-block;font:700 0.875em "Helvetica Neue",Helvetica,Arial,sans-serif;margin-top:0.75em;margin-right:.5em}  .article-gallery-embedded .article-text-box .article-launch-gallery .article-launch-text{color:#003891}  .article-gallery-embedded .article-text-box .article-launch-gallery .article-slide-count{font-size:0.875em;margin:0;color:#999}  .article-gallery-embedded .article-text-box .article-launch-button{background-color:#069eec;color:#fff;display:inline-block;vertical-align:bottom;width:2em;height:2em;text-align:center;height:40px;width:40px;border-radius:20px;transition:-webkit-transform 0.15s ease-in-out;transition:transform 0.15s ease-in-out;transition:transform 0.15s ease-in-out, -webkit-transform 0.15s ease-in-out;-webkit-transform:translate(0, 0);transform:translate(0, 0)}  .article-gallery-embedded .article-text-box .article-launch-button .icon-chevron-right,   .article-gallery-embedded .article-text-box .article-launch-button .icon-chevron-right:before{vertical-align:middle}@media all and (max-width: 1229px){  .article-gallery-embedded{font-size:1.5rem;font-weight:normal}}@media all and (max-width: 1024px){  .article-gallery-embedded{font-size:1.25rem;font-weight:normal}  .article-gallery-embedded .article-image-box{float:right;margin-right:auto}  .article-gallery-embedded .article-text-box{float:left;margin-right:3%}  .article-gallery-embedded .article-text-box .article-launch-button{font-size:0.75em}}[_nghost-c20]{display:inline-block}[_nghost-c20]     .article-promo-bv{position:relative;max-width:800px;font-size:initial;margin:2em auto 2.5em;text-align:center;transition:max-height 0.3s ease-in-out}[_nghost-c20]     .article-promo-bv h3{font-weight:normal;line-height:1.2em;font-family:"Georgia","Cambria","Times New Roman","Times",serif}[_nghost-c20]     .article-promo-bv a{color:#000;text-decoration:none}[_nghost-c20]     .article-promo-bv .inline-reveal{position:relative;z-index:0;overflow-y:hidden;height:100%;transition:all 0.3s linear}[_nghost-c20]     .article-promo-bv.collapsed .inline-reveal{height:0}[_nghost-c20]     .article-promo-bv:before, [_nghost-c20]     .article-promo-bv:after{height:0;content:"";display:block;position:absolute;left:10%;right:10%;z-index:0}[_nghost-c20]     .article-promo-bv:before{border-top:1px solid #c41a23;top:0}[_nghost-c20]     .article-promo-bv:after{border-top:2px solid #c41a23;bottom:0}[_nghost-c20]     .article-promo-bv .inline-reveal .reveal-this{margin:1.5em 5% 2em}[_nghost-c20]     .article-promo-bv .inline-reveal .reveal-this h3{margin-top:1em}[_nghost-c20]     .article-promo-bv .inline-reveal .reveal-this h3 a{font-size:1.25em}[_nghost-c20]     .article-promo-bv .brandvoice-entity a{display:inline-block}[_nghost-c20]     .article-promo-bv .brandvoice-entity a .avatar{width:2em}[_nghost-c20]     .article-promo-bv .brandvoice-entity a .brandvoice{white-space:nowrap;font:bold 1em "Avenir","Noto Sans","Droid Sans","Helvetica Neue",Corbel,Helvetica,Arial,sans-serif}[_nghost-c20]     .article-promo-bv .inline-peak{position:absolute;width:100%;bottom:0;z-index:1}[_nghost-c20]     .article-promo-bv .slug{display:inline-block;background:#fff;font-family:"Georgia","Cambria","Times New Roman","Times",serif;font-weight:bold;line-height:1em;position:relative;bottom:-.5em;padding-right:30px;padding-left:10px}[_nghost-c20]     .article-promo-bv .brandvoice{color:#c41a23;font-style:italic}[_nghost-c20]     .article-promo-bv .brandvoice .brand{color:#000;font-style:normal}@media all and (max-width: 768px){.article-promo-bv[_ngcontent-c20]   .brandvoice-entity[_ngcontent-c20]   .avatar[_ngcontent-c20]{vertical-align:middle;margin-right:.5em}}@media all and (max-width: 1024px){.article-promo-bv[_ngcontent-c20]   .inline-peak[_ngcontent-c20]   .slug[_ngcontent-c20]   .help[_ngcontent-c20]{top:1px}}@media all and (min-width: 769px){.article-promo-bv[_ngcontent-c20]   .brandvoice-entity[_ngcontent-c20]   .avatar[_ngcontent-c20]{width:3em;margin-bottom:.5em}.article-promo-bv[_ngcontent-c20]   .brandvoice-entity[_ngcontent-c20]   .brandvoice[_ngcontent-c20]{display:block}}@media all and (min-width: 1025px){.article-promo-bv[_ngcontent-c20]{font-size:1.25rem;font-weight:normal}}@media all and (min-width: 1230px){.article-promo-bv[_ngcontent-c20]{font-size:1.5rem;font-weight:normal}}fbs-ad[_ngcontent-c20]{display:block;text-align:center;margin-bottom:30px;overflow-x:auto}p[_ngcontent-c20]{margin-top:0}div[_ngcontent-c20]     {display:block}div[_ngcontent-c20]     img{width:100%}div[_ngcontent-c20]     .progressive-placeholder:before{content:'';display:block;padding-bottom:56.25%}div[_ngcontent-c20]     .fbs-brightcove{margin:1em 0}div[_ngcontent-c20]     .alignleft{float:left;margin:0.5% 3.5% 1.75% 0}div[_ngcontent-c20]     .alignright{float:right;margin:0.5% 0 1.75% 3.5%}div[_ngcontent-c20]     .alignleft, div[_ngcontent-c20]     .alignright{width:40%;line-height:0}div[_ngcontent-c20]     .alignleft .caption-container, div[_ngcontent-c20]     .alignright .caption-container{padding-top:0.5em}div[_ngcontent-c20]     .alignleft .wp-caption-text, div[_ngcontent-c20]     .alignright .wp-caption-text{margin:0;line-height:1.4em}div[_ngcontent-c20]     .tweet_quote{padding:0 3px 0 0}div[_ngcontent-c20]     .tweet_quote:hover a{color:#fff;background-color:#55acee;text-decoration:none}div[_ngcontent-c20]     .tweet_quote:hover span:before{margin-left:-1.3em}div[_ngcontent-c20]     .tweet_quote a{transition:background-color 0.2s ease-in-out;color:#000}div[_ngcontent-c20]     .tweet_quote span{position:relative;color:#55acee;width:1.5em;height:1em;padding:0 .25em;overflow:hidden;display:inline-block}div[_ngcontent-c20]     .tweet_quote span:before, div[_ngcontent-c20]     .tweet_quote span:after{content:"\f13f";font-family:forbesicon;font-size:1.25em;display:block;height:1em;float:left}div[_ngcontent-c20]     .tweet_quote span:before{margin-left:0;transition:margin-left 0.2s ease-in-out}div[_ngcontent-c20]     .tweet_quote span:after{color:#fff}div[_ngcontent-c20]     ul li, div[_ngcontent-c20]     ol li{margin:1em 0;margin-left:3em}div[_ngcontent-c20]     ol li{list-style:decimal}div[_ngcontent-c20]     ul li{list-style:disc}div[_ngcontent-c20]     div[style*="clear"]{clear:left !important}div[_ngcontent-c20]     .slideimgbox>img{margin:auto}  .sticky-video-placeholder{background:#000 url("//i.forbesimg.com/media/assets/logos/forbes-logo-f.png") no-repeat center center;position:relative;width:100%;height:0;padding:56.25% 0 0;overflow:hidden}loading[_ngcontent-c20]{background:lightgrey;color:dimgrey;text-align:center;height:400px;width:calc(100% - 200px)}@media (1230px) and (1400px){[_nghost-c20]     .article-body .alignleft, [_nghost-c20]     .article-body .alignright{padding:3.25% 0}}@media (min-width: 769px){[_nghost-c20]     .article-body .alignleft{margin:1.75% 3.5% 1.75% -3.5%}[_nghost-c20]     .article-body .alignright{margin:1.75% -3.5% 1.75% 3.5%}}@media all and (max-width: 768px){[_nghost-c20]{padding-right:0px;margin-right:0px}[_nghost-c20]     .article-body .alignleft, [_nghost-c20]     .article-body .alignright{float:none;width:auto;margin-left:3%}}</style><style ng-transition="ng-templates">[_nghost-c21]{display:inline-block;margin:0;color:#999}strong[_ngcontent-c21]{color:#000;text-transform:uppercase}li[_ngcontent-c21]{float:left;margin-right:6px}.prev[_ngcontent-c21], .next[_ngcontent-c21]{display:inline-block;text-transform:none;background:#fff;border:2px solid #000;border-radius:5px;padding:.5em 1em;font-weight:bold;color:#000}.prev[_ngcontent-c21]:hover, .next[_ngcontent-c21]:hover{background:#069eec;border-color:#069eec;color:#fff}.prev[_ngcontent-c21]   .icon[_ngcontent-c21], .next[_ngcontent-c21]   .icon[_ngcontent-c21]{position:relative;left:0;transition:left .3s ease-in-out }.prev[_ngcontent-c21]{margin-right:.5em}.prev[_ngcontent-c21]:hover   .icon[_ngcontent-c21]{left:-5px}.next[_ngcontent-c21]{margin-left:.5em}.next[_ngcontent-c21]:hover   .icon[_ngcontent-c21]{left:5px}</style><style ng-transition="ng-templates">[_nghost-c24]{display:block;padding-top:1.5rem;border-bottom:2px solid #E6E6E6;padding-bottom:12px;transition:font-size 0.3s ease-out;font-family:"Georgia","Cambria","Times New Roman","Times",serif}.logo[_ngcontent-c24]{display:inline-block}.crumb[_ngcontent-c24], .hashtag[_ngcontent-c24]{vertical-align:baseline}.crumb[_ngcontent-c24]:before, .hashtag[_ngcontent-c24]:before{content:"/";display:inline-block;margin:0 .5em 0 .3em;position:relative;top:-0.15em;color:#ccc;font-size:0.75em}.crumb[_ngcontent-c24]{color:#999}.hashtag[_ngcontent-c24]{text-transform:capitalize;color:#003891}@media (min-width: 1230px){.logo[_ngcontent-c24], .crumb[_ngcontent-c24]:before{display:none}}@media all and (max-width: 768px){[_nghost-c24]{border-bottom:none;padding:0;font-weight:400}.crumb[_ngcontent-c24], .hashtag[_ngcontent-c24]{font-size:0.875rem;font-weight:normal}.crumb[_ngcontent-c24]{color:gray;text-transform:capitalize}.hashtag[_ngcontent-c24]:before{font-size:0.875rem;font-weight:normal}.logo[_ngcontent-c24], .crumb[_ngcontent-c24]:before{display:none}}</style><meta name="apple-itunes-app" content="app-id=588647136"><meta property="fb:app_id" content="123694841080850"><meta property="og:site_name" content="Forbes"><meta name="twitter:site" content="@forbes"><meta name="description" content="Unlike gasoline, the impact of Harvey on natural gas prices has been highly limited. In future, storms in the area will indeed be bearish for pricing via demand destruction. An article dedicated to the great people of the Gulf." itemprop="description"><meta name="keywords" content="" itemprop="keywords"><meta name="author" content="Jude Clemente" itemprop="author"><meta property="og:title" content="Hurricane Harvey's Impact On Natural Gas Prices"><meta property="og:image" content="https://thumbor.forbes.com/thumbor/600x315/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F09%2FScreen-Shot-2017-09-01-at-6.54.38-PM.png"><meta property="og:updated_time" content="2017-09-03T19:01:17-04:00"><meta property="og:url" content="https://www.forbes.com/sites/judeclemente/2017/09/03/hurricane-harveys-impact-on-natural-gas-prices/"><meta property="og:description" content="Unlike gasoline, the impact of Harvey on natural gas prices has been highly limited. In future, storms in the area will indeed be bearish for pricing via demand destruction. An article dedicated to the great people of the Gulf."><meta property="og:type" content="article"><meta name="twitter:card" content="summary_large_image"><meta name="twitter:title" content="Hurricane Harvey's Impact On Natural Gas Prices"><meta name="twitter:description" content="Unlike gasoline, the impact of Harvey on natural gas prices has been highly limited. In future, storms in the area will indeed be bearish for pricing via demand destruction. An article dedicated to the great people of the Gulf."><meta name="twitter:image" content="https://thumbor.forbes.com/thumbor/600x300/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F09%2FScreen-Shot-2017-09-01-at-6.54.38-PM.png" itemprop="image"><meta name="twitter:creator" content="@judeclemente"><meta name="news_keywords" content="" itemprop="keywords"><meta property="article:publisher" content="https://www.facebook.com/forbes"><meta property="article:author" content="Jude Clemente"><meta property="article:section" content="Business" itemprop="articleSection"><meta property="article:section_url" content="https://www.forbes.com/business/"><meta property="article:id" content="blogAndPostId/blog/post/3267-13615"><meta property="article:published" content="2017-09-03" itemprop="datePublished"><meta property="article:modified" content="2017-09-03" itemprop="dateModified"><link rel="amphtml" href="https://www.forbes.com/sites/judeclemente/2017/09/03/hurricane-harveys-impact-on-natural-gas-prices/amp/"><script id="article-metadata" type="application/ld+json">{"@context":"http://schema.org","publisher":{"@type":"Organization","name":"Forbes","logo":{"@type":"ImageObject","url":"https://i.forbesimg.com/media/amp/images/forbes-logo-dark.png","width":60,"height":60}},"@type":"NewsArticle","author":"Jude Clemente","image":{"@type":"ImageObject","url":"https://thumbor.forbes.com/thumbor/1280x868/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F09%2FScreen-Shot-2017-09-01-at-6.54.38-PM.png","width":1280,"height":868},"headline":"Hurricane Harvey's Impact On Natural Gas Prices","datePublished":"Sun Sep 03 2017 23:01:00 GMT+0000","dateModified":"Sun Sep 03 2017 23:01:17 GMT+0000","name":"Hurricane Harvey's Impact On Natural Gas Prices","Keywords":"","mainEntityOfPage":"https://www.forbes.com/sites/judeclemente/2017/09/03/hurricane-harveys-impact-on-natural-gas-prices/"}</script><script id="article-speakable" type="application/ld+json">{"@context":"http://schema.org","publisher":{"@type":"Organization","name":"Forbes","logo":{"@type":"ImageObject","url":"https://i.forbesimg.com/media/amp/images/forbes-logo-dark.png","width":60,"height":60}},"@type":"WebPage","name":"Hurricane Harvey's Impact On Natural Gas Prices","speakable":{"@type":"SpeakableSpecification","cssSelector":[".speakable-headline",".speakable-author",".speakable-paragraph"]},"url":"https://www.forbes.com/sites/judeclemente/2017/09/03/hurricane-harveys-impact-on-natural-gas-prices/"}</script></head><body><app-root ng-version="5.2.0">
		<!---->
		<router-outlet></router-outlet><app _nghost-c2=""><!---->
<navbar _ngcontent-c2="" _nghost-c4="" class="undefined-expanded"><div _ngcontent-c4="" class="top-nav">
	<a _ngcontent-c4="" class="hamburger fs-text-l">
		<i _ngcontent-c4="" class="icon icon-hamburger" data-ga-track="Hamburger Icon"></i>
		<i _ngcontent-c4="" class="icon icon-close" data-ga-track="Hamburger X Close"></i>
	</a>

	<div _ngcontent-c4="" class="brand-logo-container">
		<!---->

		<a _ngcontent-c4="" class="homepage-link fs-text-l" href="//www.forbes.com/">
			<i _ngcontent-c4="" class="icon icon-forbes-logo" data-ga-track="Forbes Logo Link"></i>
		</a>
	</div>

	<a _ngcontent-c4="" class="share-expanded fs-text-l fs-responsive-text"><i _ngcontent-c4="" class="icon icon-share"></i></a>
	<a _ngcontent-c4="" class="search fs-text-l fs-responsive-text">
		<i _ngcontent-c4="" class="icon icon-search" data-ga-track="Search Icon"></i>
		<i _ngcontent-c4="" class="icon icon-close"></i>
	</a>
</div>

<!---->

<div _ngcontent-c4="" class="bottom-sticky">
	<!----><ul _ngcontent-c4="" class="expand-social fs-text-m fs-responsive-text">
		<li _ngcontent-c4="" class="icon icon-facebook"></li>
		<li _ngcontent-c4="" class="icon icon-twitter"></li>
		<li _ngcontent-c4="" class="icon icon-email"></li>
		<li _ngcontent-c4="" class="icon icon-linkedin"></li>
		<li _ngcontent-c4="" class="share-text fs-text-xxs">
			<a _ngcontent-c4="">share</a>
			<i _ngcontent-c4="" class="icon icon-chevron-right"></i>
		</li>
	</ul>

	<!---->

	<a _ngcontent-c4="" class="trending">
		<i _ngcontent-c4="" class="icon icon-plus" data-ga-track="Popular Box"></i>
		<small _ngcontent-c4="">Trending</small>
	</a>
</div>
</navbar>
<!---->

<router-outlet _ngcontent-c2=""></router-outlet><stream _nghost-c13=""><!----><page _ngcontent-c13="" class="fs-main-content" _nghost-c14="" id="article-container-0" aria-current="true"><article-header _ngcontent-c14="" _nghost-c15=""><!----><channel-path _ngcontent-c15="" class="fs-text-l fs-responsive-text" _nghost-c24=""><a _ngcontent-c24="" class="logo" href="//www.forbes.com/">
	<i _ngcontent-c24="" class="icon icon-forbes-logo" data-ga-track="Forbes Logo Link"></i>
</a>
<!----><a _ngcontent-c24="" class="crumb" data-ga-track="Channel Heading Link Top" href="/energy">Energy</a>
<!----><a _ngcontent-c24="" class="hashtag" data-ga-track="Hashtag Click" href="/search/?substream=hashtags&amp;q=MarketMoves">#MarketMoves</a>
</channel-path>

<!----><div _ngcontent-c15="" class="top-ad-container" style="">
	<!---->
</div>

<!---->

<!---->

<small _ngcontent-c15="" class="article-meta">
	<!----><channel-path _ngcontent-c15="" _nghost-c24=""><a _ngcontent-c24="" class="logo" href="//www.forbes.com/">
	<i _ngcontent-c24="" class="icon icon-forbes-logo" data-ga-track="Forbes Logo Link"></i>
</a>
<!----><a _ngcontent-c24="" class="crumb" data-ga-track="Channel Heading Link Top" href="/energy">Energy</a>
<!----><a _ngcontent-c24="" class="hashtag" data-ga-track="Hashtag Click" href="/search/?substream=hashtags&amp;q=MarketMoves">#MarketMoves</a>
</channel-path>
	<metrics _ngcontent-c15="" class="fs-text-xs" _nghost-c26=""><time _ngcontent-c26="">Sep 3, 2017 @ 07:01 PM</time>
<!---->
</metrics>
	<!---->
	<!---->
	<!---->
	<!---->
	<a _ngcontent-c15="" class="circ-link fs-text-xs" href="" data-ga-track="Red Circulation Link"></a>
</small>

<!---->

<!----><h1 _ngcontent-c15="" class="fs-headline speakable-headline">Hurricane Harvey's Impact On Natural Gas Prices</h1>

<span _ngcontent-c15="" class="badge-wrapper">
	<!---->
	<!---->
	<!---->
</span>

<div _ngcontent-c15=""><script type="text/javascript">performance.mark = performance.mark || function(s) {}; performance.mark('content_title_end');</script></div>
</article-header>
<div _ngcontent-c14="" class="article-wrapper">
	<!----><div _ngcontent-c14="" class="ad-rail-container">
		<!---->
	</div>
	<!----><div _ngcontent-c14="" class="body-container">
		<!---->
		<sharing _ngcontent-c14="" _nghost-c10=""><!----><ul _ngcontent-c10="" class="fs-text-m">
	<li _ngcontent-c10="" class="share-expanded">
		<button _ngcontent-c10="">
			<i _ngcontent-c10="" class="icon icon-share"></i>
		</button>
	</li>
	<!----><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon email" classname="social-icon email" data-ga-track="Email Click">
			<i _ngcontent-c10="" class="icon icon-email" classname="icon icon-email" data-ga-track="Email Click"></i>
		</button>
	</li><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon facebook" classname="social-icon facebook" data-ga-track="Facebook Click">
			<i _ngcontent-c10="" class="icon icon-facebook" classname="icon icon-facebook" data-ga-track="Facebook Click"></i>
		</button>
	</li><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon twitter" classname="social-icon twitter" data-ga-track="Twitter Click">
			<i _ngcontent-c10="" class="icon icon-twitter" classname="icon icon-twitter" data-ga-track="Twitter Click"></i>
		</button>
	</li><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon linkedin" classname="social-icon linkedin" data-ga-track="Linkedin Click">
			<i _ngcontent-c10="" class="icon icon-linkedin" classname="icon icon-linkedin" data-ga-track="Linkedin Click"></i>
		</button>
	</li><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon google" classname="social-icon google" data-ga-track="Google Plus Click">
			<i _ngcontent-c10="" class="icon icon-google" classname="icon icon-google" data-ga-track="Google Plus Click"></i>
		</button>
	</li>

	<!---->

	<!---->
</ul>
</sharing>
		<!----><contrib-block _ngcontent-c14="" _nghost-c17=""><div _ngcontent-c17="" class="contrib-container">
	<!----><a _ngcontent-c17="" class="fs-author-avatar" href="/sites/judeclemente/">
		<!----><img _ngcontent-c17="" class="fs-author-image" src="https://thumbor.forbes.com/thumbor/144x144/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2016%2F03%2FJude-Clemente_avatar_1457907402-400x400.jpg" data-ga-track="Gravatar Link">
		<!---->
	</a>

	<div _ngcontent-c17="" class="contrib-info">
		<contrib-byline _ngcontent-c17="" _nghost-c27=""><span _ngcontent-c27="" class="fs-author-name contrib-byline-author speakable-author">
	<a _ngcontent-c27="" href="/sites/judeclemente/" data-ga-track="contrib block byline">
		<!----><!---->Jude Clemente<!---->
	</a>
</span>

<!----><span _ngcontent-c27="" class="comma">, </span>

<!---->

<!----><span _ngcontent-c27="" class="contrib-byline-type">
	<!---->
	<!---->
	<!----><span _ngcontent-c27="" class="fs-text-s author-type">Contributor</span>
</span>
</contrib-byline>

		<!----><span _ngcontent-c17="" class="contrib-tagline fs-text-xs fs-responsive-text" innerhtml="I cover oil, gas, power, LNG markets, linking to human development">I cover oil, gas, power, LNG markets, linking to human development</span>
		<!----><a _ngcontent-c17="" class="full-bio fs-text-xs fs-responsive-text" data-ga-track="contrib block expand">
			<span _ngcontent-c17="" class="icon icon-chevron-down"></span>
		</a>

		<!----><small _ngcontent-c17="" class="legal-disclaimer">Opinions expressed by Forbes Contributors are their own.</small>

		<!---->

		<!---->

	</div>
</div>

<!---->
</contrib-block>
		<!---->
		<!---->
		<!----><article-body-container _ngcontent-c14="" class="article-body fs-article fs-responsive-text" _nghost-c20=""><!---->

<!---->

<!---->
<div _ngcontent-c20="" innerhtml="<p>Truthfully, I feel stupid writing about&amp;nbsp;Hurricane Harvey and energy prices, in light of the&amp;nbsp;horrifically sad situation in Houston and surrounding Gulf Coast areas. But Texans themselves know best that the&amp;nbsp;show must always go on, and the great dry out of the great city has begun. I take strong comfort knowing that&amp;nbsp;Texans are always&amp;nbsp;cheered up by good oil and gas talk.&amp;nbsp;It has long been their way of life, and I've long stood at the forefront of thanking&amp;nbsp;Texas for powering America:&amp;nbsp;oil and gas supply 65% of the energy that enables our $18.5 trillion economy to exist.</p> 
<p>It's amazing that a massive Hurricane in Texas like Harvey hasn't&amp;nbsp;had a huge impact on natural gas prices. In fact for futures, on Friday August 25, prompt month September gas actually declined 6 cents to settle at $2.89 per MMBtu right when Harvey's landfall was imminent. October has now become the prompt month, so the shoulder season being fully upon us has helped keep gas price rises in check. Of note:&amp;nbsp;October is one of the least volatile gas contracts.</p> 
<p>But to be most accurate, we can't yet exactly know&amp;nbsp;how Harvey will play out for natural gas, given the historic&amp;nbsp;flooding delaying the recovery process. Governor Abbott has warned that it could take 10 days or more for the floods to leave. The length of time the area's production is offline and to what degree gas storage grows&amp;nbsp;ahead of the winter heating and withdrawal season are the main questions. For example, we&amp;nbsp;just had a very low 30 Bcf injection reported on Thursday, compared to the five-year average of nearly 70 Bcf. October gas prices jumped 10 cents that day, but there is optimism about injections the next few weeks thanks to cooler temperatures continuing.</p> 
<p>Gas prices increased 13 cents or 4.4% from Thursday morning to Friday close. Yet, one main reason why Harvey hasn't surged gas prices is because the shale revolution has shifted the geography of our gas supply system. For example, since 2005, the Gulf of Mexico's share of U.S. production has been sliced from above 25% to below 5%. Harvey smashing into the northwest Gulf, however, did&amp;nbsp;shut-in&amp;nbsp;<span></span>an estimated 0.8 Bcf/d of production, or 25% of the region's output. Moreover, some key pipelines were shuttered and&amp;nbsp;gas processing capacity in eastern Texas dropped by&amp;nbsp;~45%. By Wednesday, five full days after Harvey landed,&amp;nbsp;half of the Eagle Ford's 6.3 Bcf/d of normal production was still offline.</p> 
<p> 
 </p> 
<p>Fortunately, the recover is ongoing. By Thursday, for instance,&amp;nbsp;<span>interstate pipelines carrying Eagle Ford gas were just&amp;nbsp;</span>25% below pre-Harvey&amp;nbsp;levels, compared to being&amp;nbsp;nearly 75% below during the storm.&amp;nbsp;Offshore Gulf gas production was up almost 15% from Saturday to Wednesday to nearly 2.8 Bcf/d. As an overall national measure, U.S. dry gas production on the Saturday of Harvey's landing was 72 Bcf/d but was 73 Bcf/d by Friday - showing that Harvey didn't have much of an effect on our gas supply.</p> 
<div id=&quot;attachment_13716&quot; class=&quot;wp-caption alignnone&quot;> 
 <div class=&quot;article-body-image&quot;> 
  <progressive-image class=&quot;progressive-placeholder&quot; src=&quot;https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F09%2FScreen-Shot-2017-09-01-at-6.54.38-PM.jpg%3Fwidth%3D960&quot; low-res-src=&quot;https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F09%2FScreen-Shot-2017-09-01-at-6.54.38-PM.jpg%3Fwidth%3D960&quot;></progressive-image> 
  <small class=&quot;article-photo-credit&quot;>Data source: Market View</small> 
 </div> 
 <div article-image-caption=&quot;&quot;> 
  <div class=&quot;caption-container&quot; ng-class=&quot;caption_state&quot;> 
   <fbs-accordion current=&quot;0&quot;> 
    <p class=&quot;wp-caption-text&quot;>Natural gas prices actually fell on the news of Hurricane Harvey making landfall.</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div> 
<div class=&quot;vestpocket&quot; vest-pocket=&quot;&quot;></div> 
<div id=&quot;attachment_13624&quot; class=&quot;wp-caption alignnone&quot;> 
 <div class=&quot;article-body-image&quot;> 
  <progressive-image class=&quot;progressive-placeholder&quot; src=&quot;https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F08%2FCapture-11.jpg%3Fwidth%3D960&quot; low-res-src=&quot;https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F08%2FCapture-11.jpg%3Fwidth%3D960&quot;></progressive-image> 
  <small class=&quot;article-photo-credit&quot;>Data source: EIA</small> 
 </div> 
 <div article-image-caption=&quot;&quot;> 
  <div class=&quot;caption-container&quot; ng-class=&quot;caption_state&quot;> 
   <fbs-accordion current=&quot;0&quot;> 
    <p class=&quot;wp-caption-text&quot;>The Gulf of Mexico has been continually less critical in the U.S. natural gas production portfolio.</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div> 
<p>Given the demand destruction from power outages and flooding though, it's no wonder that Harvey's ability to increase gas prices is limited. Muted demand across the Gulf region is very significant. Houston is our fourth largest city and the oil and gas capital of the world. Moreover, Texas and Louisiana&amp;nbsp;are 1st and 4th respectively in state gas demand and account for 1/5 of all U.S. consumption. Overall however, the list topped out at nearly 300,000 customers losing power, versus the more than&amp;nbsp;3 million homes and businesses that lost power across five states during Hurricane Katrina.</p> 
<p>Led by declines in power needs in Texas, total U.S. gas demand averaged 73 Bcf/d for the month until August 24th, but plummeted to 66 Bcf/d on the Saturday of Harvey's landing, and rising&amp;nbsp;back to above 70 Bcf/d by Friday. One surprise, however, is that U.S. industrial usage has stayed in the very tight 20-20.5 Bcf/d range.</p>"><p class="speakable-paragraph">Truthfully, I feel stupid writing about&nbsp;Hurricane Harvey and energy prices, in light of the&nbsp;horrifically sad situation in Houston and surrounding Gulf Coast areas. But Texans themselves know best that the&nbsp;show must always go on, and the great dry out of the great city has begun. I take strong comfort knowing that&nbsp;Texans are always&nbsp;cheered up by good oil and gas talk.&nbsp;It has long been their way of life, and I've long stood at the forefront of thanking&nbsp;Texas for powering America:&nbsp;oil and gas supply 65% of the energy that enables our $18.5 trillion economy to exist.</p> 
<p>It's amazing that a massive Hurricane in Texas like Harvey hasn't&nbsp;had a huge impact on natural gas prices. In fact for futures, on Friday August 25, prompt month September gas actually declined 6 cents to settle at $2.89 per MMBtu right when Harvey's landfall was imminent. October has now become the prompt month, so the shoulder season being fully upon us has helped keep gas price rises in check. Of note:&nbsp;October is one of the least volatile gas contracts.</p> 
<p>But to be most accurate, we can't yet exactly know&nbsp;how Harvey will play out for natural gas, given the historic&nbsp;flooding delaying the recovery process. Governor Abbott has warned that it could take 10 days or more for the floods to leave. The length of time the area's production is offline and to what degree gas storage grows&nbsp;ahead of the winter heating and withdrawal season are the main questions. For example, we&nbsp;just had a very low 30 Bcf injection reported on Thursday, compared to the five-year average of nearly 70 Bcf. October gas prices jumped 10 cents that day, but there is optimism about injections the next few weeks thanks to cooler temperatures continuing.</p> 
<p>Gas prices increased 13 cents or 4.4% from Thursday morning to Friday close. Yet, one main reason why Harvey hasn't surged gas prices is because the shale revolution has shifted the geography of our gas supply system. For example, since 2005, the Gulf of Mexico's share of U.S. production has been sliced from above 25% to below 5%. Harvey smashing into the northwest Gulf, however, did&nbsp;shut-in&nbsp;<span></span>an estimated 0.8 Bcf/d of production, or 25% of the region's output. Moreover, some key pipelines were shuttered and&nbsp;gas processing capacity in eastern Texas dropped by&nbsp;~45%. By Wednesday, five full days after Harvey landed,&nbsp;half of the Eagle Ford's 6.3 Bcf/d of normal production was still offline.</p> 
<p> 
 </p> 
<p>Fortunately, the recover is ongoing. By Thursday, for instance,&nbsp;<span>interstate pipelines carrying Eagle Ford gas were just&nbsp;</span>25% below pre-Harvey&nbsp;levels, compared to being&nbsp;nearly 75% below during the storm.&nbsp;Offshore Gulf gas production was up almost 15% from Saturday to Wednesday to nearly 2.8 Bcf/d. As an overall national measure, U.S. dry gas production on the Saturday of Harvey's landing was 72 Bcf/d but was 73 Bcf/d by Friday - showing that Harvey didn't have much of an effect on our gas supply.</p> 
<div id="attachment_13716" class="wp-caption alignnone"> 
 <div class="article-body-image"> 
  <progressive-image class="progressive-placeholder" src="https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F09%2FScreen-Shot-2017-09-01-at-6.54.38-PM.jpg%3Fwidth%3D960" low-res-src="https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F09%2FScreen-Shot-2017-09-01-at-6.54.38-PM.jpg%3Fwidth%3D960"></progressive-image> 
  <small class="article-photo-credit">Data source: Market View</small> 
 </div> 
 <div article-image-caption=""> 
  <div class="caption-container" ng-class="caption_state"> 
   <fbs-accordion current="0"> 
    <p class="wp-caption-text">Natural gas prices actually fell on the news of Hurricane Harvey making landfall.</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div> 
<div class="vestpocket" vest-pocket=""></div> 
<div id="attachment_13624" class="wp-caption alignnone"> 
 <div class="article-body-image"> 
  <progressive-image class="progressive-placeholder" src="https://thumbor.forbes.com/thumbor/960x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F08%2FCapture-11.jpg%3Fwidth%3D960" low-res-src="https://thumbor.forbes.com/thumbor/100x0/smart/https%3A%2F%2Fblogs-images.forbes.com%2Fjudeclemente%2Ffiles%2F2017%2F08%2FCapture-11.jpg%3Fwidth%3D960"></progressive-image> 
  <small class="article-photo-credit">Data source: EIA</small> 
 </div> 
 <div article-image-caption=""> 
  <div class="caption-container" ng-class="caption_state"> 
   <fbs-accordion current="0"> 
    <p class="wp-caption-text">The Gulf of Mexico has been continually less critical in the U.S. natural gas production portfolio.</p> 
   </fbs-accordion> 
  </div> 
 </div> 
</div> 
<p>Given the demand destruction from power outages and flooding though, it's no wonder that Harvey's ability to increase gas prices is limited. Muted demand across the Gulf region is very significant. Houston is our fourth largest city and the oil and gas capital of the world. Moreover, Texas and Louisiana&nbsp;are 1st and 4th respectively in state gas demand and account for 1/5 of all U.S. consumption. Overall however, the list topped out at nearly 300,000 customers losing power, versus the more than&nbsp;3 million homes and businesses that lost power across five states during Hurricane Katrina.</p> 
<p>Led by declines in power needs in Texas, total U.S. gas demand averaged 73 Bcf/d for the month until August 24th, but plummeted to 66 Bcf/d on the Saturday of Harvey's landing, and rising&nbsp;back to above 70 Bcf/d by Friday. One surprise, however, is that U.S. industrial usage has stayed in the very tight 20-20.5 Bcf/d range.</p></div>
<!---->
<!---->
<!---->
</article-body-container>
		<!---->
		<footer _ngcontent-c14="" class="article-footer">
			<!----><pagination-nav _ngcontent-c14="" _nghost-c21=""><!---->

	Page <strong _ngcontent-c21="">1 / 2</strong>

<!----><a _ngcontent-c21="" class="next" data-ga-track="Continue Reading" href="/sites/judeclemente/2017/09/03/hurricane-harveys-impact-on-natural-gas-prices/2">Continue <i _ngcontent-c21="" class="icon icon-chevron-right"></i></a>
</pagination-nav>
			<sharing _ngcontent-c14="" _nghost-c10=""><!----><ul _ngcontent-c10="" class="fs-text-m">
	<li _ngcontent-c10="" class="share-expanded">
		<button _ngcontent-c10="">
			<i _ngcontent-c10="" class="icon icon-share"></i>
		</button>
	</li>
	<!----><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon email" classname="social-icon email" data-ga-track="Email Click">
			<i _ngcontent-c10="" class="icon icon-email" classname="icon icon-email" data-ga-track="Email Click"></i>
		</button>
	</li><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon facebook" classname="social-icon facebook" data-ga-track="Facebook Click">
			<i _ngcontent-c10="" class="icon icon-facebook" classname="icon icon-facebook" data-ga-track="Facebook Click"></i>
		</button>
	</li><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon twitter" classname="social-icon twitter" data-ga-track="Twitter Click">
			<i _ngcontent-c10="" class="icon icon-twitter" classname="icon icon-twitter" data-ga-track="Twitter Click"></i>
		</button>
	</li><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon linkedin" classname="social-icon linkedin" data-ga-track="Linkedin Click">
			<i _ngcontent-c10="" class="icon icon-linkedin" classname="icon icon-linkedin" data-ga-track="Linkedin Click"></i>
		</button>
	</li><li _ngcontent-c10="">
		<button _ngcontent-c10="" class="social-icon google" classname="social-icon google" data-ga-track="Google Plus Click">
			<i _ngcontent-c10="" class="icon icon-google" classname="icon icon-google" data-ga-track="Google Plus Click"></i>
		</button>
	</li>

	<!---->

	<!---->
</ul>
</sharing>
			<printbar _ngcontent-c14="" _nghost-c22=""><ul _ngcontent-c22="" class="fs-text-xxs fs-responsive-text">
	<li _ngcontent-c22="" class="print">
		<a _ngcontent-c22="">Print</a>
	</li>
	<li _ngcontent-c22="">
		<a _ngcontent-c22="" href="mailto:feedback@forbes.com">Website Feedback</a>
	</li>
	<li _ngcontent-c22="">
		<a _ngcontent-c22="" href="https://www.forbes.com/tips/" target="_blank">News Tip</a>
	</li>
	<li _ngcontent-c22="" class="corrections">
		<a _ngcontent-c22="" href="mailto:corrections@forbes.com?subject=Report%20Correction&amp;body=Reporting%20Correction%20for%3A%0A%0ATitle%3A%20Hurricane%20Harvey's%20Impact%20On%20Natural%20Gas%20Prices%0AAuthor%3A%20Jude%20Clemente%0AURL%3A%20%2F%2Fwww.forbes.com%2Fsites%2Fjudeclemente%2F2017%2F09%2F03%2Fhurricane-harveys-impact-on-natural-gas-prices%2F%0A%0A--%0A%0AYour%20Name%3A%0ACorrection%20Request%3A%0A%0A--%0A%0AThank%20you%20for%20reporting%20a%20correction.%20Forbes%20staff%20will%20review%20your%20concern%20shortly.">Report Corrections</a>
	</li>
	<li _ngcontent-c22="">
		<a _ngcontent-c22="" href="http://forbesreprints.magreprints.com" target="_blank">Reprints &amp; Permissions</a>
	</li>
</ul></printbar>
			<!---->
		</footer>
	</div>
</div>

<!----><div _ngcontent-c14="">
	<!---->
	<!---->
</div>
</page>
</stream>
<!---->

<sidenav _ngcontent-c2="" _nghost-c7="" class="undefined-expanded"><!---->

<!---->

<!---->
</sidenav>

<!---->
</app>
	</app-root><script id="ng-templates-state" type="application/json">{&q;environmentName&q;:&q;prod&q;,&q;is_mobile&q;:false,&q;/forbesapi/content/uri.json?shortcodes=true&a;slides=true&a;type=ng&a;tickers=true&a;bvallpages=true&a;autovpslider=true&a;stream=true&a;compressimages=true&a;mobile=false&a;prgsmobileads=false&a;relativeVideo=true&a;videoplayertype=brightcove_perform_with_keyvalues&a;swimlane=&a;uri=http://www.forbes.com/sites/judeclemente/2017/09/03/hurricane-harveys-impact-on-natural-gas-prices/&q;:{&q;content&q;:{&q;id&q;:&q;content_59a5aae764aaf9435aebcded&q;,&q;naturalId&q;:&q;blogAndPostId/blog/post/3267-13615&q;,&q;source&q;:&q;blogs&q;,&q;author&q;:&q;Jude Clemente&q;,&q;title&q;:&q;Hurricane Harvey&s;s Impact On Natural Gas Prices&q;,&q;date&q;:1504479660000,&q;body&q;:&q;&l;p&g;Truthfully, I feel stupid writing about&a;nbsp;Hurricane Harvey and energy prices, in light of the&a;nbsp;horrifically sad situation in Houston and surrounding Gulf Coast areas. But Texans themselves know best that the&a;nbsp;show must always go on, and the great dry out of the great city has begun. I take strong comfort knowing that&a;nbsp;Texans are always&a;nbsp;cheered up by good oil and gas talk.&a;nbsp;It has long been their way of life, and I&s;ve long stood at the forefront of thanking&a;nbsp;Texas for powering America:&a;nbsp;oil and gas supply 65% of the energy that enables our $18.5 trillion economy to exist.\r\n\r\nIt&s;s amazing that a massive Hurricane in Texas like Harvey hasn&s;t&a;nbsp;had a huge impact on natural gas prices. In fact for futures, on Friday August 25, prompt month September gas actually declined 6 cents to settle at $2.89 per MMBtu right when Harvey&s;s landfall was imminent. October has now become the prompt month, so the shoulder season being fully upon us has helped keep gas price rises in check. Of note:&a;nbsp;October is one of the least volatile gas contracts.\r\n\r\nBut to be most accurate, we can&s;t yet exactly know&a;nbsp;how Harvey will play out for natural gas, given the historic&a;nbsp;flooding delaying the recovery process. Governor Abbott has warned that it could take 10 days or more for the floods to leave. The length of time the area&s;s production is offline and to what degree gas storage grows&a;nbsp;ahead of the winter heating and withdrawal season are the main questions. For example, we&a;nbsp;just had a very low 30 Bcf injection reported on Thursday, compared to the five-year average of nearly 70 Bcf. October gas prices jumped 10 cents that day, but there is optimism about injections the next few weeks thanks to cooler temperatures continuing.\r\n\r\nGas prices increased 13 cents or 4.4% from Thursday morning to Friday close. Yet, one main reason why Harvey hasn&s;t surged gas prices is because the shale revolution has shifted the geography of our gas supply system. For example, since 2005, the Gulf of Mexico&s;s share of U.S. production has been sliced from above 25% to below 5%. Harvey smashing into the northwest Gulf, however, did&a;nbsp;shut-in&a;nbsp;&l;span&g;&l;/span&g;an estimated 0.8 Bcf/d of production, or 25% of the region&s;s output. Moreover, some key pipelines were shuttered and&a;nbsp;gas processing capacity in eastern Texas dropped by&a;nbsp;~45%. By Wednesday, five full days after Harvey landed,&a;nbsp;half of the Eagle Ford&s;s 6.3 Bcf/d of normal production was still offline.\r\n\r\nFortunately, the recover is ongoing. By Thursday, for instance,&a;nbsp;&l;span&g;interstate pipelines carrying Eagle Ford gas were just&a;nbsp;&l;/span&g;25% below pre-Harvey&a;nbsp;levels, compared to being&a;nbsp;nearly 75% below during the storm.&a;nbsp;Offshore Gulf gas production was up almost 15% from Saturday to Wednesday to nearly 2.8 Bcf/d. As an overall national measure, U.S. dry gas production on the Saturday of Harvey&s;s landing was 72 Bcf/d but was 73 Bcf/d by Friday - showing that Harvey didn&s;t have much of an effect on our gas supply.\r\n\r\n[caption id=\&q;attachment_13716\&q; photocredit=\&q;Data source: Market View\&q;  align=\&q;\&q; width=\&q;806\&q;]&l;img class=\&q;size-full wp-image-13716\&q; src=\&q;http://blogs-images.forbes.com/judeclemente/files/2017/09/Screen-Shot-2017-09-01-at-6.54.38-PM.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;596\&q; data-width=\&q;806\&q;&g; Natural gas prices actually fell on the news of Hurricane Harvey making landfall.[/caption]\r\n\r\n[caption id=\&q;attachment_13624\&q; photocredit=\&q;Data source: EIA\&q;  align=\&q;\&q; width=\&q;746\&q;]&l;img class=\&q;size-full wp-image-13624\&q; src=\&q;http://blogs-images.forbes.com/judeclemente/files/2017/08/Capture-11.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;513\&q; data-width=\&q;746\&q;&g; The Gulf of Mexico has been continually less critical in the U.S. natural gas production portfolio.[/caption]\r\n\r\nGiven the demand destruction from power outages and flooding though, it&s;s no wonder that Harvey&s;s ability to increase gas prices is limited. Muted demand across the Gulf region is very significant. Houston is our fourth largest city and the oil and gas capital of the world. Moreover, Texas and Louisiana&a;nbsp;are 1st and 4th respectively in state gas demand and account for 1/5 of all U.S. consumption. Overall however, the list topped out at nearly 300,000 customers losing power, versus the more than&a;nbsp;3 million homes and businesses that lost power across five states during Hurricane Katrina.\r\n\r\nLed by declines in power needs in Texas, total U.S. gas demand averaged 73 Bcf/d for the month until August 24th, but plummeted to 66 Bcf/d on the Saturday of Harvey&s;s landing, and rising&a;nbsp;back to above 70 Bcf/d by Friday. One surprise, however, is that U.S. industrial usage has stayed in the very tight 20-20.5 Bcf/d range.\r\n\r\n&l;!--nextpage--&g;\r\nAs for exports, our most vital incremental gas demand market, Harvey dropped piped&a;nbsp;flows to Mexico to a&a;nbsp;2.9-3.5 Bcf/d range, down from&a;nbsp;4.3-4.5 Bcf/d before.&a;nbsp;CENAGAS, Mexico&s;s National Center for Natural Gas Control,&a;nbsp;requested that end-users lower their demand by 20-70%. But the order was lifted by the end of the week. Of note: since June of 2016, Mexico&s;s import to production gap&a;nbsp;has nearly tripled&a;nbsp;from 0.7oo Bcf/d to 1.9 Bcf/d.\r\n\r\nAfter not having much impact at first,&a;nbsp;Harvey has finally reduced demand at our only operating LNG export terminal, Sabine Pass in Louisiana, as the storm shifted into the state. Feed gas demand had plummeted to&a;nbsp;1.1 Bcf/d at the end of August, compared to more than double that prior to Harvey. That will rebound, however, and more longer term, Harvey could eventually impact other LNG export facilities under construction at Corpus Christi, Cameron, and&a;nbsp;Freeport.\r\n\r\nIn future, more&a;nbsp;severe Gulf Coast storms should be increasingly bearish for gas prices&a;nbsp;via the demand destruction we witnessed during Harvey.&a;nbsp;That&s;s because the area is growing into an even bigger hub for industrial gas use and exports. The impacts could&a;nbsp;disrupt the entire global&a;nbsp;supply and demand balance.&a;nbsp;By 2020, the LNG export capacity in&a;nbsp;Louisiana and Texas will triple to more than 8 Bcf/d. The Gulf will be the center of a U.S. LNG business that accounts for 15-17% of global demand by 2021, up from 1-2% in 2016.&a;nbsp;Not to mention south Texas&s; obvious central role in Mexico&s;s gas imports from the U.S. doubling&a;nbsp;to 8 or 9 Bcf/d by 2022.\r\n\r\n[caption id=\&q;attachment_13623\&q; photocredit=\&q;Data source: EIA\&q;  align=\&q;\&q; width=\&q;746\&q;]&l;img class=\&q;size-full wp-image-13623\&q; src=\&q;http://blogs-images.forbes.com/judeclemente/files/2017/08/Capture-10.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;513\&q; data-width=\&q;746\&q;&g; The recent history of natural gas prices and hurricanes.[/caption]&l;/p&g;&q;,&q;description&q;:&q;Unlike gasoline, the impact of Harvey on natural gas prices has been highly limited. In future, storms in the area will indeed be bearish for pricing via demand destruction. An article dedicated to the great people of the Gulf.&q;,&q;image&q;:&q;https://blogs-images.forbes.com/judeclemente/files/2017/09/Screen-Shot-2017-09-01-at-6.54.38-PM.png&q;,&q;type&q;:&q;blog&q;,&q;storyType&q;:&q;post&q;,&q;uri&q;:&q;http://www.forbes.com/sites/judeclemente/2017/09/03/hurricane-harveys-impact-on-natural-gas-prices/&q;,&q;comments&q;:[],&q;visible&q;:true,&q;authors&q;:[{&q;naturalId&q;:&q;blogAuthorId/blog/author/1263735&q;,&q;name&q;:&q;Jude Clemente&q;,&q;avatars&q;:[{&q;size&q;:400,&q;image&q;:&q;https://blogs-images.forbes.com/judeclemente/files/2016/03/Jude-Clemente_avatar_1457907402-400x400.jpg&q;},{&q;size&q;:136,&q;image&q;:&q;https://blogs-images.forbes.com/judeclemente/files/2016/03/Jude-Clemente_avatar_1457907402-136x136.jpg&q;},{&q;size&q;:62,&q;image&q;:&q;https://blogs-images.forbes.com/judeclemente/files/2016/03/Jude-Clemente_avatar_1457907402-62x62.jpg&q;},{&q;size&q;:40,&q;image&q;:&q;https://blogs-images.forbes.com/judeclemente/files/2016/03/Jude-Clemente_avatar_1457907402-40x40.jpg&q;}],&q;url&q;:&q;http://www.forbes.com/sites/judeclemente/&q;,&q;type&q;:&q;Contributor&q;,&q;profileUrl&q;:&q;/sites/judeclemente/&q;,&q;twitterName&q;:&q;JudeClemente&q;,&q;authorType&q;:&q;individual&q;,&q;email&q;:&q;judeclemente21@msn.com&q;,&q;blog&q;:false,&q;timestamp&q;:1473110147311,&q;shortBio&q;:&q;I cover oil, gas, power, LNG markets, linking to human development&q;,&q;topics&q;:[&q;powering-productivity&q;,&q;business&q;,&q;energy&q;,&q;washington&q;],&q;description&q;:&q;I am Principal at JTC Energy Research Associates, LLC. I hold a B.A. in International Relations from Penn State University, with a minor in Statistical Analysis. I got my M.S. in Homeland Security from San Diego State University, with a focus on Energy Security, and an MBA from St. Francis University, with a focus on Energy Economics. My research specialization includes North American and international trends in liquid fuels, natural gas, coal, renewables, electricity and GHG emissions – and their connection to human development. I have over 200 professional publications in a variety of energy-related media, notably Pipeline &a;amp; Gas Journal, Carbon Capture Journal, Journal of Energy Security, Power, World Oil, Public Utilities Fortnightly, and the Journal of Energy and Development. I have also been a writer and editor for reports commissioned by the U.S. Department of Energy, International Energy Agency, and other major energy research organizations.&q;,&q;recentActivityCount&q;:0,&q;latestActivityDate&q;:1447621920000,&q;dailyActivityCount&q;:0,&q;primaryBlogNaturalId&q;:&q;blogAuthorId/blog/author/blog-3267&q;,&q;shortUri&q;:&q;http://onforb.es/1qGdz3z&q;,&q;displayChannel&q;:&q;business&q;,&q;contributorSince&q;:1402682522000,&q;slug&q;:&q;judeclemente&q;,&q;showNoVestPocket&q;:false,&q;embargo&q;:false,&q;primaryChannelId&q;:&q;channel_1&q;,&q;primarySectionId&q;:&q;section_2&q;,&q;enableContribContact&q;:true,&q;enableTwitterFeed&q;:false,&q;disableCanonical&q;:false,&q;disableDigest&q;:false,&q;forbesTwitterProfile&q;:{&q;screenName&q;:&q;JudeClemente&q;,&q;name&q;:&q;JudeClemente&q;,&q;profileImageUrl&q;:&q;http://pbs.twimg.com/profile_images/650187916933664768/EriT8UKF.jpg&q;,&q;description&q;:&q;Principal at JTC Energy Research Associates, LLC. I study oil, gas, coal, power, nuclear, renewables, GHG reduction markets, linking them to human development&q;,&q;createdDate&q;:1313782787000,&q;location&q;:&q;PA, FL, Cali, Mexico&q;,&q;url&q;:&q;http://t.co/cs0yUzUESN&q;,&q;expandedUrl&q;:&q;http://www.forbes.com/sites/judeclemente/&q;,&q;displayUrl&q;:&q;forbes.com/sites/judeclem…&q;,&q;verified&q;:false},&q;inactive&q;:true,&q;primaryChannel&q;:{&q;id&q;:&q;channel_1&q;,&q;channelId&q;:&q;channel_1&q;,&q;channelName&q;:&q;Business&q;,&q;sectionId&q;:&q;section_2&q;,&q;sectionName&q;:&q;Energy&q;,&q;url&q;:&q;/energy&q;,&q;shortName&q;:&q;Energy&q;},&q;allowEmail&q;:false,&q;avatar_map&q;:{}},{&q;naturalId&q;:&q;blogAuthorId/blog/author/blog-3267&q;,&q;avatars&q;:[{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;},{&q;size&q;:0,&q;image&q;:&q;&q;}],&q;url&q;:&q;http://www.forbes.com/sites/judeclemente/&q;,&q;profileUrl&q;:&q;https://blogs.forbes.com/judeclemente/profile/&q;,&q;twitterName&q;:&q;JudeClemente&q;,&q;authorType&q;:&q;individual&q;,&q;blog&q;:true,&q;timestamp&q;:1518489578392,&q;topics&q;:[&q;powering-productivity&q;,&q;business&q;,&q;energy&q;,&q;washington&q;],&q;recentActivityCount&q;:1,&q;latestActivityDate&q;:1447621920000,&q;dailyActivityCount&q;:0,&q;primaryBlogNaturalId&q;:&q;blogAuthorId/blog/author/blog-3267&q;,&q;primaryContributor&q;:&q;blogAuthorId/blog/author/1263735&q;,&q;primaryContributorData&q;:{&q;naturalId&q;:&q;blogAuthorId/blog/author/1263735&q;,&q;name&q;:&q;Jude Clemente&q;,&q;avatars&q;:[{&q;size&q;:136,&q;image&q;:&q;http://blogs-images.forbes.com/judeclemente/files/2016/03/Jude-Clemente_avatar_1457907402-136x136.jpg&q;},{&q;size&q;:400,&q;image&q;:&q;http://blogs-images.forbes.com/judeclemente/files/2016/03/Jude-Clemente_avatar_1457907402-400x400.jpg&q;},{&q;size&q;:40,&q;image&q;:&q;http://blogs-images.forbes.com/judeclemente/files/2016/03/Jude-Clemente_avatar_1457907402-40x40.jpg&q;},{&q;size&q;:62,&q;image&q;:&q;http://blogs-images.forbes.com/judeclemente/files/2016/03/Jude-Clemente_avatar_1457907402-62x62.jpg&q;}],&q;blog&q;:false,&q;shortBio&q;:&q;I cover oil, gas, power, LNG markets, linking to human development&q;,&q;description&q;:&q;I am Principal at JTC Energy Research Associates, LLC. I hold a B.A. in International Relations from Penn State University, with a minor in Statistical Analysis. I got my M.S. in Homeland Security from San Diego State University, with a focus on Energy Security, and an MBA from St. Francis University, with a focus on Energy Economics. My research specialization includes North American and international trends in liquid fuels, natural gas, coal, renewables, electricity and GHG emissions – and their connection to human development. I have over 200 professional publications in a variety of energy-related media, notably Pipeline &a;amp; Gas Journal, Carbon Capture Journal, Journal of Energy Security, Power, World Oil, Public Utilities Fortnightly, and the Journal of Energy and Development. I have also been a writer and editor for reports commissioned by the U.S. Department of Energy, International Energy Agency, and other major energy research organizations.&q;,&q;allowEmail&q;:false},&q;shortUri&q;:&q;http://onforb.es/1qGdz3z&q;,&q;displayChannel&q;:&q;business&q;,&q;contributorSince&q;:1402668300000,&q;slug&q;:&q;judeclemente&q;,&q;showNoVestPocket&q;:false,&q;embargo&q;:false,&q;primaryChannelId&q;:&q;channel_1&q;,&q;primarySectionId&q;:&q;section_2&q;,&q;enableContribContact&q;:false,&q;enableTwitterFeed&q;:false,&q;disableCanonical&q;:false,&q;disableDigest&q;:false,&q;forbesTwitterProfile&q;:{&q;screenName&q;:&q;JudeClemente&q;,&q;name&q;:&q;JudeClemente&q;,&q;profileImageUrl&q;:&q;http://pbs.twimg.com/profile_images/650187916933664768/EriT8UKF.jpg&q;,&q;description&q;:&q;Principal at JTC Energy Research Associates, LLC. I study oil, gas, coal, power, nuclear, renewables, GHG reduction markets, linking them to human development&q;,&q;createdDate&q;:1313782787000,&q;location&q;:&q;PA, FL, Cali, Mexico&q;,&q;url&q;:&q;http://t.co/cs0yUzUESN&q;,&q;expandedUrl&q;:&q;http://www.forbes.com/sites/judeclemente/&q;,&q;displayUrl&q;:&q;forbes.com/sites/judeclem…&q;,&q;verified&q;:false},&q;inactive&q;:false,&q;primaryChannel&q;:{&q;id&q;:&q;channel_1&q;,&q;channelId&q;:&q;channel_1&q;,&q;channelName&q;:&q;Business&q;,&q;sectionId&q;:&q;section_2&q;,&q;sectionName&q;:&q;Energy&q;,&q;url&q;:&q;/energy&q;,&q;shortName&q;:&q;Energy&q;},&q;allowEmail&q;:false,&q;avatar_map&q;:{}}],&q;channelSection&q;:[{&q;channelId&q;:&q;channel_1&q;},{&q;channelId&q;:&q;channel_1&q;,&q;sectionId&q;:&q;section_2&q;}],&q;blogType&q;:&q;individual&q;,&q;sitePage&q;:&q;forbes.com/business/blogs/judeclemente/index.html&q;,&q;displayChannel&q;:&q;business&q;,&q;vestPocketList&q;:[{&q;type&q;:&q;slide&q;,&q;uri&q;:&q;https://www.forbes.com/pictures/mlj45jggj/1-detroit/&q;,&q;image&q;:&q;http://specials-images.forbesimg.com/imageserve/026M72T8ElbzS/&q;,&q;title&q;:&q;The 10 Most Dangerous U.S. Cities&q;,&q;naturalId&q;:&q;blogAndSlideId/blog/slide/986-6336&q;,&q;count&q;:40336,&q;reason&q;:&q;MP-G&q;},{&q;type&q;:&q;blog&q;,&q;uri&q;:&q;https://www.forbes.com/sites/lizryan/2018/02/11/ten-things-never-ever-to-say-in-a-salary-negotiation/&q;,&q;image&q;:&q;https://specials-images.forbesimg.com/dam/imageserve/1018234192/960x0.jpg?fit=scale&q;,&q;title&q;:&q;Ten Things Never, Ever To Say In A Salary Negotiation&q;,&q;naturalId&q;:&q;blogAndPostId/blog/post/2989-32868&q;,&q;count&q;:190139,&q;reason&q;:&q;PV-D&q;}],&q;generatedId&q;:&q;gfjk45egjei&q;,&q;manualDescription&q;:&q;Unlike gasoline, the impact of Harvey on natural gas prices has been highly limited. In future, storms in the area will indeed be bearish for pricing via demand destruction. An article dedicated to the great people of the Gulf.&q;,&q;primaryChannelId&q;:&q;channel_1&q;,&q;primarySectionId&q;:&q;section_2&q;,&q;vestPocketPosition&q;:6,&q;siteSlug&q;:&q;judeclemente&q;,&q;preview&q;:false,&q;showComments&q;:true,&q;timestamp&q;:1504479677213,&q;statsEntities&q;:[{&q;id&q;:null,&q;name&q;:&q;Business_Finance&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Environment&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Natural gas&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Fuel gas&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Energy&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Liquefied natural gas&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Petroleum production&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Chemistry&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Natural gas prices&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Natural gas storage&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Hurricane Harvey&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Economy&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Natural gas in the United States&q;,&q;type&q;:null,&q;relevance&q;:null},{&q;id&q;:null,&q;name&q;:&q;Integrated Mining&q;,&q;type&q;:null,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Pharmaceuticals - NEC&q;,&q;type&q;:null,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;gas supply system&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;America&q;,&q;type&q;:&q;Continent&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Texas&q;,&q;type&q;:&q;ProvinceOrState&q;,&q;relevance&q;:0.8},{&q;id&q;:null,&q;name&q;:&q;Gulf of Mexico&q;,&q;type&q;:&q;NaturalFeature&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;and&a;nbsp;gas processing capacity&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;gas production&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Abbott&q;,&q;type&q;:&q;Company&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Governor&q;,&q;type&q;:&q;Position&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Abbott&q;,&q;type&q;:&q;Person&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Feed gas demand&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;United States&q;,&q;type&q;:&q;Country&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;industrial gas use&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;eastern Texas&q;,&q;type&q;:&q;Region&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Houston&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.8},{&q;id&q;:null,&q;name&q;:&q;south Texas&q;,&q;type&q;:&q;Region&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Gulf of Mexico&q;,&q;type&q;:&q;Region&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;keep gas price rises&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Corpus Christi Day&q;,&q;type&q;:&q;Holiday&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Freeport&q;,&q;type&q;:&q;City&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;oil and gas supply&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;gas imports&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;gas supply&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Gulf Coast&q;,&q;type&q;:&q;Region&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;dry gas production&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;natural gas&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;oil and gas&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Sabine Pass&q;,&q;type&q;:&q;Person&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Louisiana&q;,&q;type&q;:&q;ProvinceOrState&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;state gas demand&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Mexico&q;,&q;type&q;:&q;Country&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;energy prices&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;oil and gas capital&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Harvey landed&q;,&q;type&q;:&q;Person&q;,&q;relevance&q;:0.8},{&q;id&q;:null,&q;name&q;:&q;gas demand&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;gas prices&a;nbsp;via&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;volatile gas contracts&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;degree gas storage grows&a;nbsp;ahead&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;natural gas prices&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.8},{&q;id&q;:null,&q;name&q;:&q;incremental gas demand market&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;gas prices&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;Mexico&s;s National Center for Natural Gas Control,&a;nbsp;requested&q;,&q;type&q;:&q;Organization&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;energy&q;,&q;type&q;:&q;IndustryTerm&q;,&q;relevance&q;:0.2},{&q;id&q;:null,&q;name&q;:&q;FREEPORT&q;,&q;type&q;:&q;Company&q;,&q;relevance&q;:0.2}],&q;showNoVestPocket&q;:false,&q;writtenByForbesStaff&q;:false,&q;templateType&q;:&q;standard&q;,&q;enableSigfile&q;:false,&q;primaryChannel&q;:{&q;id&q;:&q;channel_1&q;,&q;channelId&q;:&q;channel_1&q;,&q;channelName&q;:&q;Business&q;,&q;sectionId&q;:&q;section_2&q;,&q;sectionName&q;:&q;Energy&q;,&q;url&q;:&q;/energy&q;,&q;shortName&q;:&q;Energy&q;},&q;pages&q;:[&q;&l;p&g;Truthfully, I feel stupid writing about&a;nbsp;Hurricane Harvey and energy prices, in light of the&a;nbsp;horrifically sad situation in Houston and surrounding Gulf Coast areas. But Texans themselves know best that the&a;nbsp;show must always go on, and the great dry out of the great city has begun. I take strong comfort knowing that&a;nbsp;Texans are always&a;nbsp;cheered up by good oil and gas talk.&a;nbsp;It has long been their way of life, and I&s;ve long stood at the forefront of thanking&a;nbsp;Texas for powering America:&a;nbsp;oil and gas supply 65% of the energy that enables our $18.5 trillion economy to exist.&l;/p&g; \n&l;p&g;It&s;s amazing that a massive Hurricane in Texas like Harvey hasn&s;t&a;nbsp;had a huge impact on natural gas prices. In fact for futures, on Friday August 25, prompt month September gas actually declined 6 cents to settle at $2.89 per MMBtu right when Harvey&s;s landfall was imminent. October has now become the prompt month, so the shoulder season being fully upon us has helped keep gas price rises in check. Of note:&a;nbsp;October is one of the least volatile gas contracts.&l;/p&g; \n&l;p&g;But to be most accurate, we can&s;t yet exactly know&a;nbsp;how Harvey will play out for natural gas, given the historic&a;nbsp;flooding delaying the recovery process. Governor Abbott has warned that it could take 10 days or more for the floods to leave. The length of time the area&s;s production is offline and to what degree gas storage grows&a;nbsp;ahead of the winter heating and withdrawal season are the main questions. For example, we&a;nbsp;just had a very low 30 Bcf injection reported on Thursday, compared to the five-year average of nearly 70 Bcf. October gas prices jumped 10 cents that day, but there is optimism about injections the next few weeks thanks to cooler temperatures continuing.&l;/p&g; \n&l;p&g;Gas prices increased 13 cents or 4.4% from Thursday morning to Friday close. Yet, one main reason why Harvey hasn&s;t surged gas prices is because the shale revolution has shifted the geography of our gas supply system. For example, since 2005, the Gulf of Mexico&s;s share of U.S. production has been sliced from above 25% to below 5%. Harvey smashing into the northwest Gulf, however, did&a;nbsp;shut-in&a;nbsp;&l;span&g;&l;/span&g;an estimated 0.8 Bcf/d of production, or 25% of the region&s;s output. Moreover, some key pipelines were shuttered and&a;nbsp;gas processing capacity in eastern Texas dropped by&a;nbsp;~45%. By Wednesday, five full days after Harvey landed,&a;nbsp;half of the Eagle Ford&s;s 6.3 Bcf/d of normal production was still offline.&l;/p&g; \n&l;p&g; \n &l;fbs-ad position=\&q;inread\&q; progressive=\&q;\&q;&g;&l;/fbs-ad&g;&l;/p&g; \n&l;p&g;Fortunately, the recover is ongoing. By Thursday, for instance,&a;nbsp;&l;span&g;interstate pipelines carrying Eagle Ford gas were just&a;nbsp;&l;/span&g;25% below pre-Harvey&a;nbsp;levels, compared to being&a;nbsp;nearly 75% below during the storm.&a;nbsp;Offshore Gulf gas production was up almost 15% from Saturday to Wednesday to nearly 2.8 Bcf/d. As an overall national measure, U.S. dry gas production on the Saturday of Harvey&s;s landing was 72 Bcf/d but was 73 Bcf/d by Friday - showing that Harvey didn&s;t have much of an effect on our gas supply.&l;/p&g; \n&l;div id=\&q;attachment_13716\&q; class=\&q;wp-caption alignnone\&q;&g; \n &l;div class=\&q;article-body-image\&q;&g; \n  &l;img class=\&q;size-full wp-image-13716\&q; src=\&q;//blogs-images.forbes.com/judeclemente/files/2017/09/Screen-Shot-2017-09-01-at-6.54.38-PM.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;596\&q; data-width=\&q;806\&q; /&g; \n  &l;small class=\&q;article-photo-credit\&q;&g;Data source: Market View&l;/small&g; \n &l;/div&g; \n &l;div article-image-caption=\&q;\&q;&g; \n  &l;div class=\&q;caption-container\&q; ng-class=\&q;caption_state\&q;&g; \n   &l;fbs-accordion current=\&q;0\&q;&g; \n    &l;p class=\&q;wp-caption-text\&q;&g;Natural gas prices actually fell on the news of Hurricane Harvey making landfall.&l;/p&g; \n   &l;/fbs-accordion&g; \n  &l;/div&g; \n &l;/div&g; \n&l;/div&g; \n&l;div class=\&q;vestpocket\&q; vest-pocket=\&q;\&q;&g;&l;/div&g; \n&l;div id=\&q;attachment_13624\&q; class=\&q;wp-caption alignnone\&q;&g; \n &l;div class=\&q;article-body-image\&q;&g; \n  &l;img class=\&q;size-full wp-image-13624\&q; src=\&q;//blogs-images.forbes.com/judeclemente/files/2017/08/Capture-11.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;513\&q; data-width=\&q;746\&q; /&g; \n  &l;small class=\&q;article-photo-credit\&q;&g;Data source: EIA&l;/small&g; \n &l;/div&g; \n &l;div article-image-caption=\&q;\&q;&g; \n  &l;div class=\&q;caption-container\&q; ng-class=\&q;caption_state\&q;&g; \n   &l;fbs-accordion current=\&q;0\&q;&g; \n    &l;p class=\&q;wp-caption-text\&q;&g;The Gulf of Mexico has been continually less critical in the U.S. natural gas production portfolio.&l;/p&g; \n   &l;/fbs-accordion&g; \n  &l;/div&g; \n &l;/div&g; \n&l;/div&g; \n&l;p&g;Given the demand destruction from power outages and flooding though, it&s;s no wonder that Harvey&s;s ability to increase gas prices is limited. Muted demand across the Gulf region is very significant. Houston is our fourth largest city and the oil and gas capital of the world. Moreover, Texas and Louisiana&a;nbsp;are 1st and 4th respectively in state gas demand and account for 1/5 of all U.S. consumption. Overall however, the list topped out at nearly 300,000 customers losing power, versus the more than&a;nbsp;3 million homes and businesses that lost power across five states during Hurricane Katrina.&l;/p&g; \n&l;p&g;Led by declines in power needs in Texas, total U.S. gas demand averaged 73 Bcf/d for the month until August 24th, but plummeted to 66 Bcf/d on the Saturday of Harvey&s;s landing, and rising&a;nbsp;back to above 70 Bcf/d by Friday. One surprise, however, is that U.S. industrial usage has stayed in the very tight 20-20.5 Bcf/d range.&l;/p&g;&q;,&q;&l;p&g;As for exports, our most vital incremental gas demand market, Harvey dropped piped&a;nbsp;flows to Mexico to a&a;nbsp;2.9-3.5 Bcf/d range, down from&a;nbsp;4.3-4.5 Bcf/d before.&a;nbsp;CENAGAS, Mexico&s;s National Center for Natural Gas Control,&a;nbsp;requested that end-users lower their demand by 20-70%. But the order was lifted by the end of the week. Of note: since June of 2016, Mexico&s;s import to production gap&a;nbsp;has nearly tripled&a;nbsp;from 0.7oo Bcf/d to 1.9 Bcf/d.&l;/p&g; \n&l;p&g;After not having much impact at first,&a;nbsp;Harvey has finally reduced demand at our only operating LNG export terminal, Sabine Pass in Louisiana, as the storm shifted into the state. Feed gas demand had plummeted to&a;nbsp;1.1 Bcf/d at the end of August, compared to more than double that prior to Harvey. That will rebound, however, and more longer term, Harvey could eventually impact other LNG export facilities under construction at Corpus Christi, Cameron, and&a;nbsp;Freeport.&l;/p&g; \n&l;p&g;In future, more&a;nbsp;severe Gulf Coast storms should be increasingly bearish for gas prices&a;nbsp;via the demand destruction we witnessed during Harvey.&a;nbsp;That&s;s because the area is growing into an even bigger hub for industrial gas use and exports. The impacts could&a;nbsp;disrupt the entire global&a;nbsp;supply and demand balance.&a;nbsp;By 2020, the LNG export capacity in&a;nbsp;Louisiana and Texas will triple to more than 8 Bcf/d. The Gulf will be the center of a U.S. LNG business that accounts for 15-17% of global demand by 2021, up from 1-2% in 2016.&a;nbsp;Not to mention south Texas&s; obvious central role in Mexico&s;s gas imports from the U.S. doubling&a;nbsp;to 8 or 9 Bcf/d by 2022.&l;/p&g; \n&l;div id=\&q;attachment_13623\&q; class=\&q;wp-caption alignnone\&q;&g; \n &l;div class=\&q;article-body-image\&q;&g; \n  &l;img class=\&q;size-full wp-image-13623\&q; src=\&q;//blogs-images.forbes.com/judeclemente/files/2017/08/Capture-10.jpg?width=960\&q; alt=\&q;\&q; data-height=\&q;513\&q; data-width=\&q;746\&q; /&g; \n  &l;small class=\&q;article-photo-credit\&q;&g;Data source: EIA&l;/small&g; \n &l;/div&g; \n &l;div article-image-caption=\&q;\&q;&g; \n  &l;div class=\&q;caption-container\&q; ng-class=\&q;caption_state\&q;&g; \n   &l;fbs-accordion current=\&q;0\&q;&g; \n    &l;p class=\&q;wp-caption-text\&q;&g;The recent history of natural gas prices and hurricanes.&l;/p&g; \n   &l;/fbs-accordion&g; \n  &l;/div&g; \n &l;/div&g; \n&l;/div&g;&q;],&q;channelSectionMappings&q;:[{&q;id&q;:&q;channel_1&q;,&q;channelName&q;:&q;Business&q;,&q;url&q;:&q;/business&q;},{&q;id&q;:&q;channel_1section_2&q;,&q;channelName&q;:&q;Business&q;,&q;sectionName&q;:&q;Energy&q;,&q;url&q;:&q;/energy&q;}],&q;blogId&q;:&q;3267&q;,&q;disableDigest&q;:false,&q;pTagCount&q;:14,&q;hashtags&q;:[&q;MarketMoves&q;],&q;hideDescription&q;:false,&q;sponsored&q;:false,&q;doNotPaginate&q;:false,&q;editorsPick&q;:false,&q;sentimentScore&q;:-0.14538,&q;numberOfImages&q;:3,&q;relativeVideo&q;:{&q;videoId&q;:&q;5222174090001&q;,&q;title&q;:&q;Expiring Tax Provisions&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true},&q;relativeVideos&q;:[{&q;videoId&q;:&q;5211345862001&q;,&q;title&q;:&q;Warren Buffett Comes Around On Airlines After Calling Them A &s;Death Trap&s; For Investors&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true},{&q;videoId&q;:&q;5213200742001&q;,&q;title&q;:&q;Is The 30-Year Bull Market In Bonds Over?&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true},{&q;videoId&q;:&q;5249886157001&q;,&q;title&q;:&q;Yahoo Slides As News Of 2013 Hack Stirs Doubts Over Verizon Deal&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true},{&q;videoId&q;:&q;5216553379001&q;,&q;title&q;:&q;Federal Reserve Head Janet Yellen Hints At US Interest Rate Hike in December&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true},{&q;videoId&q;:&q;5222174090001&q;,&q;title&q;:&q;Expiring Tax Provisions&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true},{&q;videoId&q;:&q;5194638226001&q;,&q;title&q;:&q;Fitbit Flattened: Stock Tanks On Terrible Outlook, Disappointing Sales&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true},{&q;videoId&q;:&q;5211739009001&q;,&q;title&q;:&q;The Donald Trump Shipping Stock Boom&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true},{&q;videoId&q;:&q;5209622858001&q;,&q;title&q;:&q;Deja Vu: American Apparel Files For Bankruptcy, Again&q;,&q;playerId&q;:&q;S1EBSbDn&q;,&q;keyValues&q;:&q;displaysection=&a;fl=&a;channel=business&a;swimlane=&a;specialslot=&a;section=business:energy&a;id=blogAndPostId/blog/post/3267-13615&a;brand=&a;displaychannel=business&q;,&q;autoPlay&q;:true}],&q;hasVideo&q;:false,&q;hasInfographic&q;:false,&q;bulletList&q;:[null,null,null],&q;trumpContent&q;:false,&q;wordCount&q;:924,&q;hashtagSetting&q;:{&q;hashtag&q;:&q;MarketMoves&q;,&q;autoplay&q;:true,&q;specialSlot&q;:&q;&q;,&q;sponsored&q;:false,&q;active&q;:true},&q;fully_loaded&q;:true}},&q;adsConfig&q;:{&q;mobile&q;:false,&q;ad_unit_path&q;:&q;/7175/fdc.forbes/article-d&q;,&q;amazonSlots&q;:[{&q;slotID&q;:&q;top&q;,&q;sizes&q;:[[728,90],[970,250]]},{&q;slotID&q;:&q;rec&q;,&q;sizes&q;:[[300,250],[300,600]]},{&q;slotID&q;:&q;recx&q;,&q;sizes&q;:[[300,250],[300,600]]},{&q;slotID&q;:&q;loge&q;,&q;sizes&q;:[[300,250],[300,600]]}],&q;positions&q;:{&q;top&q;:{&q;slot_id&q;:&q;top&q;,&q;sizes&q;:[[728,90],[970,250],[970,90],[970,66],[640,360],[1,1],&q;fluid&q;]},&q;rec&q;:{&q;slot_id&q;:&q;rec&q;,&q;sizes&q;:[[300,250],[336,280],[300,600],[1,1],&q;fluid&q;]},&q;mobile&q;:{&q;slot_id&q;:&q;mobile&q;,&q;sizes&q;:[[300,50],[320,50],[1,1]]},&q;mobilerec&q;:{&q;slot_id&q;:&q;mobilerec&q;,&q;sizes&q;:[[300,250],[300,50],[320,180],[320,50],[1,1]]},&q;recx&q;:{&q;slot_id&q;:&q;recx&q;,&q;sizes&q;:[[300,250],[336,280],[300,600],[1,1],&q;fluid&q;],&q;incremental&q;:true},&q;loge&q;:{&q;slot_id&q;:&q;loge&q;,&q;sizes&q;:[[336,280],[300,600],[300,250],[1,1],&q;fluid&q;]},&q;mobilex&q;:{&q;slot_id&q;:&q;mobilex&q;,&q;sizes&q;:[[300,250],[300,50],[320,180],[320,50],[1,1]],&q;incremental&q;:true},&q;mob-stream&q;:{&q;slot_id&q;:&q;mob-stream&q;,&q;sizes&q;:[[300,250],[300,50],[320,180],[320,50],[1,1]]},&q;mob-stream2&q;:{&q;slot_id&q;:&q;mob-stream2&q;,&q;sizes&q;:[[300,250],[300,50],[320,180],[320,50],[1,1]]},&q;mobiletext&q;:{&q;slot_id&q;:&q;mobiletext&q;,&q;sizes&q;:[[300,250],[336,280],[1,1],&q;fluid&q;]},&q;ntv-article&q;:{&q;slot_id&q;:&q;ntv-article&q;,&q;div_id&q;:&q;brandvoice_inline&q;,&q;sizes&q;:[[2,3],[1,1],&q;fluid&q;],&q;params&q;:{&q;strnativekey&q;:&q;3e7e0323&q;}},&q;ntv-belt&q;:{&q;slot_id&q;:&q;ntv-belt&q;,&q;params&q;:{&q;strnativekey&q;:&q;12653cf9&q;},&q;sizes&q;:[[2,3],[1,1]]},&q;ntv-rail&q;:{&q;sizes&q;:[[2,3],[1,1],&q;fluid&q;],&q;breaks&q;:{&q;xxlarge&q;:[[2,3],[1,1],&q;fluid&q;],&q;xlarge&q;:[[2,3],[1,1],&q;fluid&q;],&q;large&q;:[[2,3],[1,1],&q;fluid&q;],&q;medium&q;:[[2,3],[1,1],&q;fluid&q;],&q;small&q;:[[2,3],[1,1],&q;fluid&q;]},&q;slot_id&q;:&q;ntv-rail&q;,&q;params&q;:{&q;strnativekey&q;:&q;4kSaBGZvyd5bZ4yDRLQWW9u8&q;}},&q;ntv-rail-2&q;:{&q;sizes&q;:[[2,3],[1,1],&q;fluid&q;],&q;breaks&q;:{&q;xxlarge&q;:[[2,3],[1,1],&q;fluid&q;],&q;xlarge&q;:[[2,3],[1,1],&q;fluid&q;],&q;large&q;:[[2,3],[1,1],&q;fluid&q;],&q;medium&q;:[[2,3],[1,1],&q;fluid&q;],&q;small&q;:[[2,3],[1,1],&q;fluid&q;]},&q;slot_id&q;:&q;ntv-rail-2&q;,&q;params&q;:{&q;strnativekey&q;:&q;t5toAgo73taamHDf2P739tD4&q;}},&q;spon-logo&q;:{&q;slot_id&q;:&q;spon-logo&q;,&q;sizes&q;:[[120,40],[300,170],[300,100],[1,1],&q;fluid&q;]},&q;mob-logo&q;:{&q;slot_id&q;:&q;mob-logo&q;,&q;sizes&q;:[[300,50],[300,75],[1,1],&q;fluid&q;]},&q;inread&q;:{&q;slot_id&q;:&q;inread&q;,&q;progressive&q;:true,&q;sizes&q;:[[600,575],[528,297],[1,1],&q;fluid&q;]},&q;topx&q;:{&q;slot_id&q;:&q;topx&q;,&q;sizes&q;:[[728,90],[970,250],[970,90],[970,66],[640,360],[1,1],&q;fluid&q;]},&q;artbottom&q;:{&q;slot_id&q;:&q;artbottom&q;,&q;sizes&q;:[[1,1],&q;fluid&q;]}},&q;params&q;:{&q;author&q;:&q;judeclemente&q;,&q;bbgterm&q;:false,&q;channel&q;:[&q;business&q;],&q;displaychannel&q;:&q;business&q;,&q;displaysection&q;:&q;&q;,&q;fl&q;:null,&q;fvid&q;:&q;&q;,&q;ht&q;:&q;MarketMoves&q;,&q;id&q;:&q;blogAndPostId/blog/post/3267-13615&q;,&q;img&q;:null,&q;login&q;:false,&q;section&q;:[&q;business:energy&q;],&q;specialslot&q;:&q;&q;,&q;templatetype&q;:&q;standard&q;,&q;type&q;:&q;contributor&q;}},&q;hasLoginCookies&q;:false,&q;REQUEST_HEADERS&q;:{&q;user-agent&q;:&q;python-requests/2.10.0&q;}}</script></body></html>