09:28 AM EDT, 09/26/2024 (MT Newswires) -- Natural gas traded at a three-month high early on Thursday as Hurricane Helene's passage through the Gulf of Mexico cuts supply from the region.

Gas for October delivery was last seen up US$0.02 to US$2.65 per million British thermal units, the highest since June 25.

Hurricane Helene is moving through the gulf ahead on expected landfall in northern Florida late on Thursday as a major storm, according to the National Hurricane Center. The storm is forcing the evacuation of producing platforms in the gulf. In an update issued midday on Wednesday, the U.S. offshore regulator said 313-million cubic feet per day of gas production had been shut in to that point, 17% of the region's supply.

"Hurricane Helene is expected to reach major hurricane strength ahead of making landfall into NW Florida and Georgia later today. Production in the Gulf of Mexico is expected to be shut-in, although countered by the loss of demand through power outages and cooler temperatures. We expect power outages will exceed 1 million customers," NatGasWeather noted.