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Monday, Oct 143:22 PMJim Chanos sees dark side of natural gas boom
Monday, Oct 143:22 PM| 9 Comments
- The downside of the U.S. natural gas boom is that, at historically low prices of ~$3.75/MMBtu, "some of the levered players are struggling to cover their debt service and their obligations to drill more holes under their leases," Jim Chanos tells CNBC.
- The boom in nat gas supplies, and the subsequent low prices, is "bad news for global coal as more and more countries switch over to natural gas," he adds.
- Chanos is short two different groups of the major oil companies: the big publicly traded majors like Exxon (XOM) - "their problem is finding costs" in reserves like deepwater drilling and the Arctic - and the nationalized companies such as Petrobras (PBR), Ecopetrol (EC) and PetroChina (PTR), which he says really are "political venues."
- ETFs: FCG, GASL, GASX.
Monday, Oct 1410:50 AMRising U.S. nat gas prices may make exports less competitive
Monday, Oct 1410:50 AM| 1 Comment
- U.S. natural gas may not end up being as cheap as expected in the long term, as higher production costs and stronger demand make exports less competitive on the global marketplace, energy company executives say.
- Henry Hub prices are in one of the low price cycles and below replacement costs, which can't be sustained if history is a guide, says Exxon (XOM) global LNG V.P. Richard Guerrant.
- Looking forward to 2020-25, producing only the dry shale gas without the associated oil won't be profitable at $4 or $5/M BTU, says ConocoPhillips' (COP) V.P. of Commercial, Business Development and Corporate Planning Don Wallette.
- ETFs: UNG, GAZ, UNL, NAGS, DCNG, BOIL, KOLD, UGAZ, DGAZ, FCG, GASL, GASX.
Sunday, Oct 133:18 AMEIA to halt publication of key reports
Sunday, Oct 133:18 AM| 4 Comments
- The Energy Information Administration will suspend the weekly publication of the Petroleum Status Report, which comes out on Wednesdays, after furloughing staff on Friday because of the government shutdown.
- With its crude oil and gasoline data, the report is key for traders, who will now have to rely on commercial studies from organizations such as the American Petroleum Institute. The problem is that the API report is incomplete, while paying subscribers receive it earlier than everybody else.
- The EIA will also presumably suspend its natural gas inventory report, a study that is released on Thursdays.
- ETFs: FCG, GASL, GASX, JJE, RJN, DBE, UBN, RGRE, OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI
Thursday, Jul 254:46 PMDirexion sets splits on 9 of its leveraged funds after big moves made the shares too expensive or (more frequently) sent them too close to $0. The Gold Miners Bull 3x ETF (NUGT) is up for its 2nd reverse split of the year, 1:10 this time after going 1:5 in April Other reverse splits: S&P 500 Bear 3x (SPXS) 1:5, India Bull 3x (INDL) 1:4, Real Estate Bear 3x (DRV) 1:4, Semiconductor Bear 3x (SOXS) 1:4, Developed Markets Bear 3x (DPK) 1:4, Natural Gas Related Bear 3x (GASX) 1:4. Regular splits: Gold Miners Bear 3x (DUST) 2:1, Healthcare Bull 3x (CURE) 2:1. |Thursday, Jul 254:46 PM| Comment!
Wednesday, Jun 195:30 PM
Monday, May 65:00 AMPresident Obama has signaled his support for increasing the U.S.'s exports of natural gas, saying that the country will probably be a net seller of LNG by 2020. The Department of Energy is assessing applications for 20 projects to export gas to nations with which the U.S. doesn't have a free trade agreement. Companies that could benefit include Dominion Resources (D), Cheniere Energy (LNG), Oiltanking Partners (OILT), Williams Cos. (WMB), Boardwalk Pipeline Partners (BWP) and Sempra Energy (SRE). Dow Chemical (DOW) and Alcoa (AA) are among those to oppose increased LNG exports, as it could raise their costs. |Monday, May 65:00 AM| 8 Comments
Monday, Dec 312012, 5:40 PM
Thursday, Aug 92012, 8:09 AMAnother coal-fired power plant is set to go dark, the Rochester, MN utilities board voting to retire its Silver Lake facility. Cheap natural gas and wind power is making it cheaper to buy power off the regional grid, and there's also the whole clean air thing. (see also) |Thursday, Aug 92012, 8:09 AM| 5 Comments
Wednesday, Aug 82012, 10:01 AMData for the construction of power generation facilities in H1 paints a stark picture of the ascendance of natural gas, with 3,708 MW gas-fired plants built, 2,367 MW of wind farms developed, and 1,608 MW of coal stations constructed. Gas provides 41.8% of U.S. electricity, coal 29.7%, nuclear 9.2%, water 8.7%, wind 4.3%, geothermal 0.3%, and solar 0.3%. |Wednesday, Aug 82012, 10:01 AM| Comment!
Friday, Jul 202012, 2:25 PMChesapeake Energy (CHK -6.5%) is sliding on heavy volume. Reuters reports the SEC's Texas office has been demanding documents from Chesapeake as part of the agency's probe into the company's deals with CEO Aubrey McClendon. Meanwhile, Baker Hughes (BHI +9.4% - previous) reports the rig count for U.S. natural gas wells has fallen to 518 thanks to weak prices. That figure is down 45% from October's high, and represents a 13-year low. |Friday, Jul 202012, 2:25 PM| 10 Comments
Thursday, Jul 122012, 10:55 AM
Friday, Jul 62012, 4:49 PM
Tuesday, May 82012, 3:28 PM
Monday, May 72012, 10:07 AM"You have stretched the rubber band ... as much as you can," says an analyst, not expecting utilities to switch from coal to natural gas much more after coal accounted for just 37% of electricity production in February (46% a year ago). Cheap gas can actually hurt some power producers as it drives down wholesale prices faster than costs. |Monday, May 72012, 10:07 AM| 16 Comments
Wednesday, May 22012, 9:02 PMMaybe another sign the long slide in natural gas is nearing its end, legendary trader John Arnold is hanging up his spurs after a couple of years of unsatisfactory returns, according to sources. Gas prices dove by a nickel on the news as some believe Arnold's Centaurus Fund will need to unwind positions, while others say his departure just reinforces poor market sentiment. |Wednesday, May 22012, 9:02 PM| 5 Comments
Monday, Apr 302012, 3:19 PMNatural gas is flying higher, +4.7%, perhaps encouraged by the fact that producers are cutting back on drilling. "The Jeff Gundlach trade is having an insanely good day today," writes Joe Weisenthal. The bond man said last week he would like to go long natty/short Apple with 100X leverage. Apple -3.1%. |Monday, Apr 302012, 3:19 PM| 7 Comments
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Native Texan:: Hell yes we're going lower! The Shorty Shorty Choo Choo is heading back for station 1120.