| Natural Gas Inventory Rises for 23 Straight Weeks | |
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Natural Gas Market Is Impacted by Inventory and Rig Count Data (Continued from Prior Part) Natural gas inventory report
The EIA (U.S. Energy Information Administration) released the weekly US commercial natural gas in storage report on September 10, 2015. The government data showed that the natural gas stockpile rose by 68 Bcf (billion cubic feet) to 3,261 Bcf for the week ending September 4, 2015. Likewise, natural gas stocks rose by 94 Bcf to 3,193 Bcf for the week ending August 28, 2015.
Impact
The natural gas stockpile rose for the 23rd straight week for the week ending September 4, 2015. Market surveys estimated that the natural gas inventory could increase by around 76 Bcf for the same period. The less-than-expected inventory increase led to the rise in natural gas prices. The lower-than-estimated inventory rise implies that warm weather led to the drawdown in natural gas supplies.
Currently, natural gas stocks are 17% more than the level of 2,788 Bcf (billion cubic feet) last year. They’re also 4.10% more than the five-year average of 3,134 Bcf. The five-year average rise in inventory is at 63 Bcf. During the same period last year, the natural gas inventory rose by 90 Bcf. The record inventory and speculation of the rising natural gas inventory will continue to put pressure on natural gas prices.
The long-term lower natural gas prices impact natural gas producers’ margins like EQT (EQT), Cabot Oil & Gas (COG), and Cimarex Energy (XEC). They account for 3.55% of the SPDR Oil and Gas ETF (XOP). These companies’ natural gas output mix is more than 43% of their total production. They also impact oil and gas ETFs like the Energy Select Sector SPDR ETF (XLE) and the SPDR Oil and Gas ETF (XOP).
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Cabot Oil & Gas Corporation
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CODE : COG |
ISIN : US1270971039 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cabot Oil & Gas is a oil exploration company based in United states of america. Cabot Oil & Gas is listed in Germany and in United States of America. Its market capitalisation is US$ 10.2 billions as of today (€ 9.0 billions). Its stock quote reached its lowest recent point on March 26, 2004 at US$ 10.00, and its highest recent level on January 14, 2022 at US$ 22.20. Cabot Oil & Gas has 460 786 236 shares outstanding. |