| Natural Gas Prices Break above the Key Resistance | |
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Natural Gas Market: Who Will Win, Weather or Inventory? (Continued from Prior Part) Price channel
September natural gas futures contracts broke above the key resistance of $2.90 per MMBtu (British thermal units in millions) on August 12, 2015. Prices have been fluctuating between $2.70 and $2.90 per MMBtu for more than a month. The tug-of-war between weather and the inventory consensus are driving natural gas prices this week.
Key pivots
The consensus of warm weather and rising consumption from power plants could boost natural gas prices. Natural gas prices could see resistance at $3 per MMBtu. Prices tested this level in April 2015. In contrast, the key support for natural gas prices is seen at $2.60 per MMBtu. Prices tested this level in June 2015.
The EIA (U.S. Energy Information Administration) estimates that natural gas prices could average around $2.89 per MMBtu in 2015 and $3.21 per MMBtu in 2016. The trading range suggests that prices could fluctuate between $2.60 and $3 per MMBtu in the near term.
ETFs like the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG) benefit from rising natural gas prices.
Upstream players like Chesapeake Energy (CHK), Cabot Oil & Gas (COG), and Energen (EGN) also benefit from rising natural gas prices. Combined, they account for 3.33% of the SPDR Oil and Gas ETF (XOP). These companies’ natural gas production mix is greater than 59% of their total production.
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Cabot Oil & Gas Corporation
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CODE : COG |
ISIN : US1270971039 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cabot Oil & Gas is a oil exploration company based in United states of america. Cabot Oil & Gas is listed in Germany and in United States of America. Its market capitalisation is US$ 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. |