| Natural Gas Prices Fluctuate between $2.70 and $2.90 per MMBtu | |
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Key Weather and Inventory Cues for the Natural Gas Market (Continued from Prior Part) Trading channel
NYMEX-traded September natural gas futures contracts rose for the second day from the nearest support of $2.70 per MMBtu (British thermal units in millions) on August 4, 2015. Prices have been fluctuating between $2.70 and $2.90 per MMBtu for more than a month. The estimates of the rising natural gas inventory and warmer weather are influencing natural gas prices.
Key pivots
Bearish sentiments could drag natural gas prices to the nearest support of $2.60 per MMBtu. Prices hit this level in May 2015. Warm weather and demand from electric power plants could support natural gas prices. In contrast, bullish sentiments could push natural gas prices to the resistance of $3 per MMBtu. Prices hit this level in April 2015. Mild weather and slowing demand could drag natural gas prices lower.
Citigroup estimates that natural gas prices could average around $2.70 per MMBtu in 2015 and $3 per MMBtu in 2016. The trading range suggests that natural gas prices could fluctuate between $2.60 and $3 per MMBtu in the near term.
The recent rise in natural gas prices benefits ETFs like the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG). They also impact gas producers like Energen (EGN), Cimarex (XEC), and Antero Resources (AR). Combined, they account for 3.20% of the SPDR Oil and Gas ETF (XOP). These stocks’ natural gas production mix is greater than 59% of their production portfolio.
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Cimarex Energy Co.
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CODE : XEC |
ISIN : US1717981013 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cimarex Energy is a producing company based in United states of america. Cimarex Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 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. |