| Natural Gas Loses Ground Despite Bullish Inventory Data - Analyst Blog | |
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About the Weekly Natural Gas Storage Report The Weekly Natural Gas Storage Report – brought out by the Energy Information Administration (EIA) every Thursday since 2002 – includes updates on natural gas market prices, the latest storage level estimates, recent weather data and other market activities or events. The report provides an overview of the level of reserves and their movements, thereby helping investors understand the demand/supply dynamics of natural gas. It is an indicator of current gas prices and volatility that affect businesses of natural gas-weighted companies and related support plays. Analysis of the Data Stockpiles held in underground storage in the lower 48 states rose by 89 billion cubic feet (Bcf) for the week ended Jun 12, 2015, below the guided range (of 91–95 Bcf gain) as per the analysts surveyed by Platts, the energy information arm of McGraw-Hill Financial Inc. The increase – the eleventh successive weekly injection – was also less than last year’s build of 112 Bcf though it exceeded the 5-year (2010–2014) average addition of 87 Bcf for the reported week. Following past week’s climb, the current storage level – at 2.433 trillion cubic feet (Tcf) – is up 730 Bcf (42.9%) from last year and is 46 Bcf (1.9%) above the five-year average. Bullish Data Fails to Lift Prices Despite the lower-than-expected injection of natural gas into storage, prices are currently hovering around the lowly $2.8 per million Btu (MMBtu) mark. With production from the major shale plays remaining strong and the commodity’s demand failing to keep pace with this supply surge, natural gas prices have been held back. Even the summer cooling demand on the back of warm weather has been of little help. Gas-Weighted Companies to Suffer The price weakness translates into limited upside for natural gas-weighted companies like Chesapeake Energy Corp. CHK, Range Resources Corp. RRC, QEP Resources Inc. QEP, EOG Resources Inc. EOG and Devon Energy Corp. DVN. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report DEVON ENERGY (DVN): Free Stock Analysis Report RANGE RESOURCES (RRC): Free Stock Analysis Report CHESAPEAKE ENGY (CHK): Free Stock Analysis Report QEP RESOURCES (QEP): Free Stock Analysis Report EOG RES INC (EOG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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Devon Energy Corporation
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CODE : DVN |
ISIN : US25179M1036 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Devon Energy is a and oil producing company based in United states of america. Devon Energy holds various exploration projects in Canada. Its main exploration property is JACKFISH OIL SANDS PROJECT in Canada. Devon Energy is listed in United States of America. Its market capitalisation is US$ 27.4 billions as of today (€ 25.5 billions). Its stock quote reached its lowest recent point on August 18, 1995 at US$ 10.00, and its highest recent level on February 22, 2008 at US$ 99.19. Devon Energy has 525 000 000 shares outstanding. |