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Consensus of Increasing Stockpile: Natural Gas Prices Could Drop (Part 3 of 3) (Continued from Part 2) Diamond pattern
NYMEX-traded natural gas futures for June delivery show a potential diamond pattern as of May 6, 2015. Prices started to decline—led by the consensus of mild weather estimates and slowing demand. The EIA (U.S. Energy Information Administration) will release the natural gas in storage report today. The stockpile data will be the key driver of natural gas prices.
Key support
Natural gas prices dropped for the second time in the last two trading sessions. If the mild weather persists, it could push natural gas prices to the nearest support of $2.70 per MMBtu (British thermal units in millions). Gas prices tested this level in April 2015. The estimates of increasing inventory and oversupply concerns will also push gas prices lower. Warmer weather estimates could push oil to the next resistance of $2.90 per MMBtu. Prices hit this level in March 2015.
Natural gas prices settled above their 20 and 50-day moving average on May 6, 2015. The diamond pattern suggests that prices could reverse in the near term. The RSI (relative strength index) is in overbought territory. Prices could fall from this level.
Gas ETFs’ performance, like the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG), is affected due to natural gas volatility. The declining gas prices also impact energy stocks like Devon Energy (DVN), Bill Barrett (BBG), and Laredo Petroleum (LPI). They account for 4.02% of the Spider Oil and Gas ETF (XOP). These companies have a gas production mix that’s greater than 40% of their total production.
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Bill Barrett Corporation
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CODE : BBG |
ISIN : US06846N1046 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Bill Barrett corp est une société d’exploration minière basée aux Etats-Unis D'Amerique. Bill Barrett corp est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 534,1 millions US$ (432,6 millions €). La valeur de son action a atteint son plus haut niveau récent le 05 juin 2015 à 9,67 US$, et son plus bas niveau récent le 19 mars 2018 à 4,84 US$. Bill Barrett corp possède 110 349 217 actions en circulation. |