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First Trust ISE-Revere Natural Gas Index ETF (FCG)

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  • Thu, Jun. 4, 6:32 PM
    • Chesapeake Energy (NYSE:CHK) hit a 52-week low today amid a double whammy of negative news concerning the natural gas market.
    • The U.S. Energy Information Administration said storage levels grew by 132B cf in the week ended May 15 to 2.2T cf, 51% more than a year ago; the weekly surplus is the largest in 12 years and the second largest in EIA records that date back to 1994.
    • Many analysts believe the oversupply eventually will push another fall in gas prices; "The market was ready for a large injection, but it's still extremely bearish," one said.
    • Also, the Natural Gas Supply Association said in its 15th annual Summer Outlook assessment of the natural gas market that it expects production to set records and inflict downward pressure on prices compared with summer 2014.
    • "Even with record-setting demand expected, production is also projected to set summer records," says Bill Green, NGSA chairman and Devon Energy (NYSE:DVN) VP of downstream marketing.
    • ETFs: XLE, VDE, ERX, OIH, ERY, FCG, DIG, GASL, DUG, BGR, IYE, FENY, FIF, PXJ, RYE, FXN, DDG
    | Thu, Jun. 4, 6:32 PM | 43 Comments
  • Thu, Jun. 4, 2:57 PM
    • The EPA concludes there is no evidence that fracking has had a "widespread, systemic impact on drinking water," according to a five-year analysis of U.S. water pollution risks released today.
    • The EPA finds that, while there have been some cases involving spills and leaking wells, the spread of fracking did not cause extensive damage to groundwater resources.
    • The study warns of “potential vulnerabilities” to water supplies that need to be addressed, including ensuring wells are well built and wastewater is disposed of properly.
    • The report is the U.S. government’s most comprehensive examination of the relationship between fracking and drinking water, and it appears to mostly vindicate the energy industry's position that fracking can be carried out safely and does not need to pose a threat to water.
    • ETFs: XLE, VDE, ERX, OIH, XOP, KOL, ERY, FCG, DIG, GASL, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
    | Thu, Jun. 4, 2:57 PM | 17 Comments
  • Wed, May 20, 2:41 PM
    • Oil and gas companies so far have largely weathered the sharp drop in oil prices with minimal carnage, but Moody's predicts in a new report that the carnage could be coming.
    • Moody’s predicts the default rate for oil and gas companies with lower credit ratings may increase to 7.4% by March 2016 from 2.7%; even if oil prices recover gradually to $70-$75/bbl next year, the weaker oil and gas firms will be positioned for a “much greater risk of default," the report says.
    • Moody's expects independent E&P companies to have the most trouble, as they are typically smaller in size and more reliant on outsize capital spending to replenish their reserves, while refiners are better positioned to survive oil price volatility because their business is not directly tied to the price of oil.
    • Oil and gas companies already have suffered a drop in their credit ratings: As of May 1, the group accounted for 14.8% of all the companies covered by Moody’s with credit ratings of B3 or lower, up from 8% the prior year.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXJ, FIF, PSCE, NDP, RYE, FXN, DDG
    | Wed, May 20, 2:41 PM | 2 Comments
  • Tue, May 19, 12:27 PM
    • The conventional wisdom is that Royal Dutch Shell's $70B buyout of BG Group will spark a wave of M&A activity as stronger companies seek to buy assets on the cheap amid low commodity prices, but Reuters columnist Clyde Russell argues the deal probably is not the shape of things to come in energy mergers.
    • Executives may be more cautious than 15 years or so when commodity prices last fell so sharply, eschewing mega-mergers in favor of smaller acquisitions and in-house projects to add shareholder value, Russell writes.
    • ConocoPhillips (NYSE:COP) Ryan Lance said yesterday that the rationale that drove the previous round of major deals does not apply now, as the rise of U.S. shale oil and gas production and the massive addition of reserves they provide has made acquisitions for the sake of adding to reserves less likely.
    • Both large and mid-size companies also have less need to fill in their portfolios with large deals, the CEO said, while the need to merge to drive cost reductions is less urgent after work that already has been done to cut costs.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG
    | Tue, May 19, 12:27 PM | 2 Comments
  • Fri, May 15, 5:57 PM
    | Fri, May 15, 5:57 PM | 3 Comments
  • Fri, May 8, 4:16 PM
    | Fri, May 8, 4:16 PM | Comment!
  • Wed, Apr. 22, 7:35 PM
    • Kinder Morgan (NYSE:KMI) CEO Richard Kinder says the North American gas pipeline system is undergoing a historic reconfiguration likely to lead to a "null point" somewhere in Pennsylvania from which natural gas will flow to markets in opposite directions.
    • Kinder tells the IHS CERAWeek energy conference that the growth of gas production in the Marcellus and Utica shales has profoundly affected the flow of gas, which historically has flowed from the producing regions of Louisiana and Texas to markets in the northeast.
    • "That's why we are trying to build more capacity to New England, which has the highest natural gas prices and highest electricity prices in the nation and yet they're sitting almost on top of this tremendous asset," Kinder says.
    • The CEO also foresees $100B worth of industrial projects built across the Gulf coast, with the jump in the number of petrochemical projects leading to "a tremendous growth in the use of natural gas."
    • Kinder also chides his peers a bit, saying energy leaders had not done enough to show how important the industry is, and as a result had surrendered some of the debate to opponents of fossil fuels.
    • ETFs: XLE, VDE, ERX, OIH, ERY, FCG, DIG, GASL, DUG, IYE, FENY, PXJ, RYE, FXN, DDG
    | Wed, Apr. 22, 7:35 PM | 18 Comments
  • Tue, Apr. 21, 6:24 PM
    • BP CEO Bob Dudley says he does not expect a wave of mergers in the energy industry unless oil prices stay low for long, downplaying talk that Shell's takeover of BG Group could trigger a wave of multibillion-dollar deals like those that reshaped the industry in the 1990s.
    • It probably will take “quite a bit of time to work off” the high levels of U.S. crude inventories at Cushing, Okla., and other oil hubs, Dudley told the IHS CERAWeek energy conference, adding that if sanctions against Iran were lifted, it would not take long to add 500K bbl/day of oil to the global market.
    • Dudley’s remarks could suggest that Exxon Mobil (NYSE:XOM), which has been speculated to be considering a move, would have difficulty persuading the BP board to accept an agreed offer; BP today denied a Bloomberg report that it had stepped up internal reviews of takeover scenarios following the Shell-BG deal.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, XES, IYE, IEO, IEZ, FENY, PXE, PXJ, RYE, FXN, DDG
    | Tue, Apr. 21, 6:24 PM | 8 Comments
  • Tue, Apr. 21, 2:15 PM
    • Exxon Mobil's (XOM -0.4%) Rex Tillerson predicts oil prices will remain low over the next few years, but says the energy industry is at a “turning point” and will show its resiliency in the current down cycle.
    • The CEO says in the keynote address at the IHS Energy CERAWeek conference in Houston that the oil industry could behave the same way U.S. shale gas did, when a significant decline in rig activity in prior years did not result in a drop in production capacity, thanks in part to improvements in efficiency.
    • Government regulators need to give oil companies the freedom to innovate to enable “safer, more secure and more efficient production,” Tillerson says, citing government oversight of fracking, a technique he says has proven effective and safe in the most delicate ecosystems.
    • Tillerson says the government should open up the U.S. Arctic to oil production, approve infrastructure projects such as the Keystone XL pipeline, and lift the decades-old ban on crude oil exports from the U.S.; the CEO says such policies would lead to more investment, which in turn would lead to more advanced technology.
    • ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, XES, IYE, IEO, IEZ, FENY, PXE, PXJ, RYE, FXN, DDG
    | Tue, Apr. 21, 2:15 PM | 13 Comments
  • Fri, Apr. 17, 4:18 PM
    | Fri, Apr. 17, 4:18 PM | Comment!
  • Wed, Apr. 8, 3:48 AM
    | Wed, Apr. 8, 3:48 AM | 7 Comments
  • Thu, Apr. 2, 4:24 PM
    | Thu, Apr. 2, 4:24 PM | Comment!
  • Fri, Mar. 27, 4:11 PM
    | Fri, Mar. 27, 4:11 PM | 9 Comments
  • Fri, Mar. 20, 12:41 PM
    • The Obama administration confirms final rules on hydraulic fracturing activities on public and tribal lands, in an effort to set a national standard for a patchwork of state regulations governing drilling practices that have helped fuel the domestic energy boom.
    • Key components of the rule, which will take effect in 90 days, include requirements to test the quality of the cement work designed to prevent natural gas from seeping outside a well, and adhere to stricter standards for storing toxic fluids left over from drilling.
    • In a move that could upset environmental groups, companies will be required to publicly disclose chemicals they use through the industry-run FracFocus website within 30 days of completing the fracking process.
    • ETFs: XLE, ERX, VDE, OIH, XOP, ERY, FCG, DIG, GASL, DUG, IYE, XES, IEO, IEZ, PXE, FENY, PXJ, RYE, FXN, DDG
    | Fri, Mar. 20, 12:41 PM | 1 Comment
  • Thu, Mar. 19, 7:11 PM
    • The Obama administration tomorrow is expected to issue long-awaited regulations setting new standards for hydraulic fracturing in the oil and natural gas industries, according to multiple reports.
    • The regulations will set standards for wells and disposal of wastewater, and require companies to disclose chemicals used; the rules, in the works since 2012, will apply only to drilling on federal land, which account for 11% of the natural gas and 5% of the oil the U.S. consumes.
    • The final version may well fail to appease environmentalists who have argued for strong protections or oil industry leaders who insist well-tailored state rules are better than one-size-fits-all federal mandates.
    • ETFs: XLE, ERX, VDE, OIH, XOP, ERY, FCG, DIG, GASL, DUG, IYE, XES, IEO, IEZ, PXE, FENY, PXJ, RYE, FXN, DDG
    | Thu, Mar. 19, 7:11 PM | 28 Comments
  • Thu, Mar. 5, 5:52 AM
    • Global trade in liquefied natural gas (LNG) will exceed $120B in 2015, surpassing iron ore as the most valuable commodity after oil, Goldman analysts say.
    • Competition among producers will increase as buyers shift away from long-term contracts. U.S. supplies coming online and other factors will lead to declines in LNG prices "until they can challenge thermal coal in the fuel mix of the power sector, with Europe playing the role of the swing consumer and the U.S. as the marginal supplier in the Atlantic basin," the report says.
    • ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, FCG, GASL, KOLD, UNL, MLPG, DCNG
    | Thu, Mar. 5, 5:52 AM | 6 Comments
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FCG Description
The First Trust ISE-Revere Natural Gas Index Fund is an exchange-traded fund. The investment objective of the Fund is to seek investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the ISE-Revere Natural Gas Index. The ISE-Revere Natural Gas IndexTM is an equal-weighted index comprised of exchange-listed companies that derive a substantial portion of their revenues from the exploration and production of natural gas. The Index is constructed by establishing the total population of stocks listed in the U.S. of companies involved in the exploration and production of natural gas and then eliminates stocks whose natural gas proved reserves do not meet certain requirements.
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