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Natural Gas Market: Inventory and Weather (Continued from Prior Part) Trading range
Natural gas futures contracts have been showing the emergence of a rectangular trading range since early June 2015. Prices are fluctuating within this range and trading close to the key resistance of $2.90 per MMBtu (British thermal units in millions). Weather and inventory estimates could drive natural gas prices this week.
Key pivots
The demand from electric power plants could support natural gas prices. The next resistance for natural gas prices is seen at $3 per MMBtu. Prices hit this mark in April 2015. In contrast, the nearest support for natural gas prices is seen at $2.60 per MMBtu. Prices hit this mark in June 2015. The estimates of rising natural gas inventories could push natural gas prices lower.
The EIA (U.S. Energy Information Administration), in its STEO (Short-Term Energy Outlook) report for August, reported that US natural gas prices could average around $2.89 per MMBtu in 2015 and $3.21 per MMBtu in 2016. The natural gas chart suggests that prices could fluctuate between $2.60 and $3 per MMBtu in the short term. Citigroup estimates that natural gas prices could average around $2.70 per MMBtu in 2015 and $3 per MMBtu in 2016.
The performance of ETFs like the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG) improves from rising natural gas prices.
They also benefit energy producers like Cabot Oil & Gas (COG), Energen (EGN), and Cimarex (XEC). They account for 3.53% of the SPDR Oil and Gas ETF (XOP). These companies’ natural gas production mix is more than 59% of their production portfolio.
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Cimarex Energy Co.
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CODE : XEC |
ISIN : US1717981013 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Cimarex Energy est une société de production minière basée aux Etats-Unis D'Amerique. Cimarex Energy est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 8,3 milliards US$ (7,2 milliards €). La valeur de son action a atteint son plus haut niveau récent le 23 mai 2018 à 99,89 US$, et son plus bas niveau récent le 30 septembre 2021 à 87,20 US$. Cimarex Energy possède 95 438 121 actions en circulation. |