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Fri, Jul. 31, 7:52 AM
- According to Reuters, the value of merger and acquisition deals through July 30 was $436.4B, including 14 deals worth over $5B apiece. Although down from June's torrid pace of $546.8B, it still ranks as the seventh busiest month on record. Leading the pack was Teva's $40.5B purchase of Allergan's generic drugs business.
- The top investment bank in terms of the total value of transactions was Goldman Sachs (NYSE:GS), involved in 35 deals worth $148.8B, including half of the top ten. JP Morgan (NYSE:JPM) was second with 30 deals worth $116.1B while Morgan Stanley (NYSE:MS) was third with 33 deals valued at $95.9B.
- Global M&A so far this year is $2.64T, up 41% from last year. The action in the U.S. is up 66%.
- Energy and healthcare are the leading sectors. There have been 1,557 deals in energy worth $407B. Healthcare is close behind with 1,577 deals worth $395B.
- ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, BIB, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, UGA, KOLD, USL, GRX, UNL, IRY, BIS, IXJ, DNO, BME, UHN, DBE, OLO, SZO, DCNG, GRN, RJN, FUE, OLEM, JJE, ONG, UBN
Thu, Jul. 30, 10:31 AM
Thu, Jul. 23, 10:31 AM
Wed, Jul. 22, 11:59 AM
- Cheap natural gas trapped in the northeast U.S. will be heading south by the end of the year, narrowing the premium for gas in the southeast to as little as $0.30/mmBtu from more than $1 vs. the northeast, analysts say.
- Pipeline expansions by Williams Cos. (WMB, WPZ), Kinder Morgan (NYSE:KMI) and Spectra Energy (SE, SEP) will carry shale gas from the Marcellus reservoir to southern states as early as Q4, closing the divide between the winners and losers of the U.S. shale revolution.
- Projects capable of carrying as much as 2.1B cf/day, or ~17% of southeast demand, are scheduled to begin service by the end of the year, and some of the shale gas will flow to Florida, where power plant demand for the fuel hit a record for April, up 13% Y/Y.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, KOLD, UNL, DBE, DCNG, RJN, JJE, ONG, UBN
Thu, Jul. 16, 10:30 AM
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Tue, Jun. 16, 5:45 PM
- The strained finances at U.S. E&P shale companies caused by collapsing crude oil prices is well known, and some analysts say the pain may be compounded by a steep drop in prices for natural gas liquids caused by oversupply, partly due to infrastructure constraints.
- SM Energy (NYSE:SM) said yesterday the price it is receiving for NGLs at the Mont Belvieu delivery point fell 36% Q/Q to $16.67/bbl and that the price declines would lower its 2015 total budgeted revenue by ~$25M while not affecting its drilling or production.
- Barclays recently said Chesapeake Energy (NYSE:CHK) could see 2016 cash flow cut by up to 3% if NGL price weakness persists, while Range Resources (NYSE:RRC) may see its cash flow cut by up to 5%; APC, DVN, PXD, QEP, SWN, ECA and EOG also could see reduced cash flow related to NGL pricing, the firm said.
- Analysts at Tudor Pickering have a more optimistic view and expect an NGL pricing recovery next year, as cresting U.S. nat gas and crude production looks to be flat-to-declining through 2016, giving U.S. infrastructure time to catch up; the firm upgrades SWN to Accumulate from Hold, with GPOR, MRD, COG, RICE and ECA as other top picks, and UPL and EQT recommended on weakness.
- ETFs: UNG, UGAZ, DGAZ, BOIL, GAZ, KOLD, UNL, DCNG
Thu, Jun. 11, 10:53 AM
Wed, Jun. 10, 2:45 PM
- U.S. coal companies worried about the Obama administration’s proposed clean air rules actually face a bigger threat: cheap, abundant natural gas, which is crushing coal prices with no letup in sight, according to a Bloomberg report.
- Shale formations in the eastern U.S. are yielding record amounts of gas, pushing prices of the fuel in the region below coal, which already had been 60% less expensive on average since 2001; as power generators use more gas, coal is piling up at the fastest rate since 2009.
- U.S. utilities are on track to end 2015 with 171M tons of coal in reserve, the highest since 2012, says a BB&T analyst - “It’s going to be ugly,” says Doyle Trading's Hans Daniels. “When stocks build up like that, it just defers the pain for the coal companies.”
- Most coal names are sharply lower: BTU -2.1%, ANR -9.7%, ACI -8.4%, CLD +0.9%, WLB -1.9%, CNX -1.1%, WLT -1.6%.
- ETFs: UNG, UGAZ, DGAZ, KOL, BOIL, GAZ, KOLD, UNL, DCNG
Wed, Jun. 10, 2:21 PM
- Global energy consumption last year recorded its slowest rate of growth since the late 1990s, rising just 0.9% while in China consumption growth slowed to 2.6% - less than half the country's average rate over the past decade - according to BP’s closely watched Statistical Review of World Energy.
- BP chief economist Spencer Dale says 2014 could be a "watershed" year for the energy industry, not from the sharp fall in oil prices but because of the rise of longer-term trends which should have an important bearing on the shape of the energy sector in coming years, including a surge in the supply of oil from non-OPEC countries.
- A headline 2014 event: The U.S. took Russia’s crown as the world's biggest oil and natural gas producer, recording the world's largest oil output growth at 1.6M bbl/day to become the first country ever to increase production by at least 1M bbl/day for three consecutive years.
- Also, carbon dioxide emissions from burning fossil fuels rose by just 0.5% Y/Y, the smallest increase for any year since 1998 except 2009, as Chinese consumption of coal flattened.
- ETFs: UNG, USO, OIL, UGAZ, UCO, DGAZ, UWTI, SCO, BNO, BOIL, GAZ, DBO, DWTI, DTO, KOLD, USL, UNL, DNO, DBE, OLO, SZO, DCNG, RJN, OLEM, JJE, ONG, RGRE, UBN
Thu, Jun. 4, 10:30 AM
Thu, May 28, 10:30 AM
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