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Baby, It's (Finally Gonna Be) Cold Outside: Natural Gas Updates (Continued from Prior Part) Natural gas price trends
January natural gas futures contracts trading on NYMEX are close to their key resistance level of $2 per MMBtu (million British thermal units). Prices are following a long-term falling trend. The consensus of falling inventory and cold weather could benefit natural gas prices.
Key support
Bullish traders could see resistance at $3 per MMBtu. Prices tested this level in April 2015. Lower natural gas prices could boost consumption and benefit natural gas prices. In contrast, bearish traders could see the next support at $1.60 per MMBtu. Prices hit this mark in 1995. Long-term oversupply concerns and weak demand could drag natural gas prices.
Barclays estimates that natural gas prices could average $2.65 and $2.45 per MMBtu in the first two quarters of 2016. The EIA’s latest estimates suggest gas prices could average around $2.67 per MMBtu in 2015 and $2.88 per MMBtu in 2016. The relative strength index suggests that natural gas prices are oversold. Prices are trading close to record lows. So you can expect natural gas prices to trade higher.
Record-low natural gas prices affect US gas producers such as Exco Resources (XCO), Cimarex Energy (XEC), Cabot Oil & Gas (COG), Rex Energy (REXX), and Gulfport Energy (GPOR). ETFs such as the Guggenheim S&P 500 Equal Weight Energy ETF (RYE) and the PowerShares DWA Energy Momentum ETF (PXI) are also affected.
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Cimarex Energy Co.
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CODE : XEC |
ISIN : US1717981013 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Cimarex Energy is a producing company based in United states of america. Cimarex Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 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. |