landowner

Natural-gas supply up 88 billion cubic feet: EIA for week ended May 24

                         

SAN FRANCISCO (MarketWatch) -- Natural-gas futures fell further on Thursday after the U.S. Energy Information Administration reported an 88 billion cubic foot rise in U.S. inventories for the week ended May 24. Analysts polled by Platts forecasted a climb between 87 billion cubic feet and 91 billion cubic feet. Total stocks now stand at 2.141 trillion cubic feet, down 664 billion cubic feet from the year-ago level and 88 billion cubic feet below the five-year average, the government said. July natural gas     (ngn13)   was at $4.09 per million British thermal units, down 9 cents, or 2.3%. It was trading at $4.13 shortly before the data.

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Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on May 30, 2013 at 5:12

NYMEX Natural Gas Monthly Settlement Price for June - $4.148.

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&sour...


landownerPermalink Reply by adubu on May 30, 2013 at 5:33

Happy to see almost $4 for 3 months in roll but will it hold?


Oil & Gas ProPermalink Reply by dbob on May 30, 2013 at 6:18

The big thing, IMHO, is that the build is roughly seasonal, and we look to have a reasonably hot summer.  I don't see gas staying below $4/mcf for any longer than a few days over the summer.

 

OTOH, people are started to get excited, and projects are moving forward.  There are still a lot of stacked rigs, and it won't take much to get some of them back drilling, keeping some type of lid on prices. 


Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on May 30, 2013 at 6:29

If the seasonal increase in price from June to July for the previous 4 years is a reasonable predictor (+~9%) then the July settlement price would be ~ $4.52.  Although that may be a bit of a stretch I wouldn't be surprised to see an increase of half that or ~$4.33.


landownerPermalink Reply by adubu on May 30, 2013 at 11:25

Skip--- I be happy with your prediction calculation----Prices and storage  look similar to late May 2011--- We need another Cold late extended Winter again like this year 2013.

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