4 Mar 2014
More
Natural Gas Prices Cool Down
posted by Unknown @ 08:00 0 Comments
In fact, losses last week brought the monthly average down as well by 6.8 percent. Despite the recent losses however, the price for natural gas is still high seasonally. Shares in Chesapeake Energy were down by 2.5 percent.
Storage and demand
Underground natural gas storage moved down by 95 bcf to 1348
bcf, this according to the EIA. Those
are the lowest levels since May 2008.
Current storage levels for the Lower 48 is currently 40.2 percent lower
than at the same time last year.
Extraction rates for last week were also lower than the
5-year average, a good argument for further declines in the piece of natural
gas.
As far a supply goes, gross natural gas production moved up
by 1.5 percent last week. That’s 4.3
percent higher than at the same time last year.
Imports from Canada
saw declines of 14.4 percent last week.
Supply here in the US
moved up only slightly by 0.1 percent.
If the trend continues, it should keep natural gas prices at current
elevated levels.
Blame it on the weather
The cold weather took a break last week, but forecasts show
a return to cooler temperatures soon.
Demand for gas in the residential/commercial sector should remain high
compared to the same time last year. As
long as temperatures remain cool, demand is expected to remain high.
Also from Brown
If you're in the oil business then you know just how important your tools are. Come check out all the great tools at our news tools division site, BrownToolBox.com.
If you like keeping up with news and events, we invite you to come see our new oil & gas media site, BrownPetro.com.
Brown Book Shop, est. in 1946, is America's leading technical bookstore. Brown Knows Books.
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home