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Natural Gas Prices Fall Due to Oversupply Concerns (Continued from Prior Part) Price channel
NYMEX-traded natural gas futures contracts for September delivery fell from the key resistance of $2.90 per MMBtu (British thermal units in millions) on August 13, 2015. Gas prices have been fluctuating between $2.70 and $2.90 per MMBtu for over a month. The rising natural gas inventory data is influencing natural gas prices.
Support and resistance
Bearish sentiments could drag natural gas prices lower. Record inventory and oversupply concerns will continue to put downward pressure on natural gas prices. The nearest support for natural gas prices is seen at $2.60 per MMBtu. Prices hit this mark in June 2015. In contrast, warm weather and demand from power plants could support natural gas prices. The nearest resistance for natural gas prices is seen at $3 per MMBtu. Prices hit this mark in April 2015.
The market consensus suggests that natural gas prices could average around $2.70 per MMBtu in 2015 and $3 per MMBtu in 2016. The natural gas price charts suggest that prices could fluctuate between $2.60 and $3 per MMBtu in the short term.
ETFs like the VelocityShares 3X Long Natural Gas ETN (UGAZ) and the United States Natural Gas Fund LP (UNG) are negatively affected due to falling natural gas prices.
Energy producers like Chesapeake Energy (CHK), Cabot Oil & Gas (COG), and Energen (EGN) are also impacted by lower natural gas prices. They account for 3.33% of the SPDR Oil and Gas ETF (XOP). These companies’ natural gas production mix is more than 59% of their total production.
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Cabot Oil & Gas Corporation
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CODE : COG |
ISIN : US1270971039 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Cabot Oil & Gas est une société d’exploration minière de pétrole basée aux Etats-Unis D'Amerique. Cabot Oil & Gas est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 10,2 milliards US$ (9,0 milliards €). La valeur de son action a atteint son plus bas niveau récent le 26 mars 2004 à 10,00 US$, et son plus haut niveau récent le 14 janvier 2022 à 22,20 US$. Cabot Oil & Gas possède 460 786 236 actions en circulation. |