July 7, 2010 (Investorideas.com energy newswire) - (Investorideas.com energy newswire) - www.InvestorIdeas.com, a leading investor research portal updates energy investors with previous commentary from Senior Energy Executive Karl Miller on the current status of the US Natural Gas Industry.
Mr. Miller is a strong proponent of natural gas and called the revival of natural gas early 2009. See Weblink: http://www.investorideas.com/news/122909a.asp. As Mr. Miller cited in his December 30, 2009 analysis, he believes gross inaccuracies have been portrayed about Natural gas production, storage and supply in the media and due to lack of accurate reporting of production data.
Mr. Miller also opined in December, that he believed the market was grossly underestimating the price volatility of Natural gas going into the summer of 2010, and in essence was being lulled to sleep. Mr. Miller issued another warning to investors on May 28, 2010 advising that "Investors Should Be Over-weighted in US Energy and Infrastructure Companies Now, Going into the Summer Cooling, Driving and Hurricane Season" and should have rotated their portfolio’s to an overweight position into Energy and Infrastructure Companies. See Weblink: http://www.naturalgasstocks.com/Karl_Miller/news/5281.
As Mr. Miller has pointed out on multiple occasions, stating the obvious, Natural gas is utilized by three major class of consumers; i) the power generation industry; ii) the industrial complex; iii) the local utilities across the U.S. which distribute natural gas to individual homes and office buildings.
In speaking to Mr. Miller this morning, he re-confirmed that we are well into the summer cooling season, with forecast for an extraordinarily hot summer, and as everyone already knows the weather forecasters are calling for a very volatile hurricane season.
Mr. Miller further advised that the market is starting to pull very large volumes of natural gas from storage to run the natural gas power plants, that are essentially the last line of defense to stabilize the transmission grid across the US, next to load shedding or cutting back large industrial customers, which is very difficult to do in the current economy. Renewable Energy Assets such as Wind, Solar and other alternative sources are basically useless at peak usage in the summer and for load balancing. The transmission grid lives and dies by the availability of the Natural Gas power plants across the US in times of stress and maximum demand, like peak summer.
Mr. Miller further advised that all it would take is one Category 2-3 level hurricane to come up the Gulf Coast of Texas/Louisiana and all bets would off on the price limits for Natural Gas as shallow water production and the petrochemical, refinery and petrochemical complexes would be massively interrupted if not completely shut down.
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Disclosure: Long US Energy Companies