| Will Natural Gas Inventories Rise for the 21st Straight Week? | |
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Natural Gas Prices Are Driven by Weather and Inventory Estimates (Continued from Prior Part) EIA inventory report
On August 27, 2015, the EIA (U.S. Energy Information Administration) is estimated to release its weekly US natural gas stockpile report. The government data showed that natural gas inventories rose by 53 Bcf (billion cubic feet) to 3,030 Bcf for the week ending August 14, 2015. Inventories rose despite warm weather estimates.
Inventory estimates
Market surveys from Bloomberg and the Wall Street Journal project that natural gas in storage could rise by 61 Bcf for the week ending August 21, 2015. If the natural gas inventories rise, it means that natural gas stocks rose for the 21st straight week. The natural gas stockpile is rising despite warmer weather than last year. This signifies that supplies are rising or demand is falling. The five-year seasonal average gain over this period stands at 54 Bcf. Natural gas stocks also rose by 84 Bcf during the same period last year.
The current natural gas inventory is 19.20% more than the levels of 2,542 Bcf last year. They’re also 2.70% more than the five-year average inventory of 2,950 Bcf. The record inventory and rising inventory continue to put pressure on natural gas prices in the oversupplied market.
Long-term lower natural gas prices impact oil and gas producers like Rice Energy (RICE), Southwestern Energy (SWN), and Cabot Oil & Gas (COG). These companies’ natural gas production mix is more than 46% of their production portfolio. They account for 2.53% of the SPDR Oil and Gas ETF (XOP). Oil and gas ETFs like XOP and the Energy Select Sector SPDR ETF (XLE) are also negatively impacted by falling natural gas prices.
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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. |