The market experienced a sell-off in Canadian natural gas leveraged intermediate producers yesterday, with $1 downdrafts in the stocks of high flyers Birchcliff Energy (OTCPK:BIREF) and Crew Energy (OTCPK:CWEGF).
These equities had been up approximately 75% and 110% respectively over the past six months. I recommended taking profits in Crew Energy at $11.84 in this article written on April 10.
The EIA calculated build in US natural gas supplies for the week ending May 2 came in at 74 bcf, less than the rise of 88 bcf last year, but above the five year average of 58 bcf. Storage rose to 1,055 bcf. Natural gas futures declined following the build.
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