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Supply and Demand Imbalance Impacts Natural Gas Prices (Continued from Prior Part) Price channel
Natural gas futures contracts for September delivery rose from the key support of $2.70 per MMBtu (British thermal units in millions) on August 3, 2015. Prices have been fluctuating between $2.70 and $2.90 per MMBtu since the mid-week of June 2015. The consensus of the rising natural gas stockpile and weather forecast are swinging natural gas prices.
Support and resistance
The warm weather forecast and slowing natural gas production consensus could support natural gas prices. The resistance for natural gas prices is seen at $3 per MMBtu. Prices tested this mark in May 2015. In contrast, mild weather and slowing demand could push natural gas prices lower. The key support for natural gas prices is seen at $2.50 per MMBtu. Prices tested this level in April 2015.
Natural gas price charts suggest that prices could fluctuate between $2.60 and $3 per MMBtu in the short term. Citigroup forecasts that natural gas prices could average around $2.70 per MMBtu in 2015 and $3 per MMBtu in 2016.
The performance of ETFs like the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG) benefit from rising natural gas prices. They also benefit natural gas producers like Cimarex (XEC), Energen (EGN), and Antero (AR). These companies account for 3.20% of the SPDR Oil and Gas ETF (XOP). These stocks’ natural gas production mix is greater than 59% of their production portfolio.
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Cimarex Energy Co.
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CODE : XEC |
ISIN : US1717981013 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cimarex Energy is a producing company based in United states of america. Cimarex Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 8.3 billions as of today (€ 7.2 billions). Its stock quote reached its highest recent level on May 23, 2018 at US$ 99.89, and its lowest recent point on September 30, 2021 at US$ 87.20. Cimarex Energy has 95 438 121 shares outstanding. |