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at MarketWatch.com (Feb 27, 2011)
at MarketWatch.com (Feb 27, 2011)
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The United States 12 Month Natural Gas Fund, LP ("UNL")
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Thursday, Dec 194:59 PM
Thursday, Dec 194:59 PM| 1 Comment
- Natural gas futures today reached their highest levels in nearly two-a-half years as data showed a record drop in U.S. inventories.
- Stocks are 7.4% below the five-year average for this time of year, an EIA analyst says, likely the largest deficit to historical level on EIA's records which began in 1994.
- Traders are setting their sights on $5/mm Btu gas, last seen in June 2010, but any significant warming trend could send prices down, and gas production is expected to begin hitting record levels as more supplies come on line from Marcellus shale gas fields.
- ETFs: UNG, UGAZ, GAZ, BOIL, DGAZ, UNL, KOLD, NAGS, GASZ, DCNG
Tuesday, Dec 1711:45 AM
Tuesday, Dec 1711:45 AM| 3 Comments
- Russia agrees to lend Ukraine $15B and cut prices for natural gas amid large-scale protests in Kiev over the rejection of a trade deal with the European Union, which has put additional pressure on Ukraine's bonds and currency.
- Gazprom (OGZPY) also will cut gas prices for Ukraine to $268.50 per thousand cubic meters, down from $400.
- Russia had restricted Ukrainian imports in recent months, stepping up pressure on its neighbor as it appeared ready to sign the deal with the EU.
- ETFs: UNG, UGAZ, GAZ, BOIL, DGAZ, UNL, KOLD, NAGS, GASZ, DCNG.
Monday, Dec 163:28 PM
Monday, Dec 163:28 PM| 2 Comments
- Mexico’s sweeping energy reform clears its final major hurdle, as San Luis Potosi becomes the 17th state legislature to give rapid-fire approval to constitutional changes that will allow foreign investment into what has been a 75-year-old state monopoly.
- An influx of Mexican oil would contribute to a glut that is expected to lower the price of Brent crude, which has averaged $108.62/bbl YTD, to as low as $88/bbl in 2017; Exxon's recent prediction that North American production would vault ahead of every OPEC member except Saudi Arabia doesn’t even take into account any changes in Mexico.
- Although the first Mexican opportunities may go to the major independent oil companies in the U.S. and Europe, Chinese groups such as Cnooc (CEO) and Sinopec (SNP) will actively seek opportunities; Mexico's president plans to visit Beijing in 2014 and his trip may reveal whether Chinese firms are acceptable partners.
- ETFs: UNG, USO, OIL, UCO, EWW, GAZ, SCO, UGAZ, BOIL, DBO, DTO, BNO, DGAZ, UNL, CRUD, KOLD, USL, NAGS, DBE, GASZ, RJN, DNO, SZO, OILZ, UWTI, DWTI, OLO, DCNG, UOIL, JJE, UMX, RGRE, ONG, DOIL, SMK, OLEM, TWTI, UBN.
Thursday, Dec 122:34 PM
Thursday, Dec 122:34 PM| 2 Comments
- Mexico's Congress approves the landmark energy bill allowing foreign investment in oil, ending the government's 75-year monopoly on crude production.
- Under the new law, Mexico will offer profit-sharing and production-sharing contracts and licenses to foreign firms, but will maintain ownership of the oil while allowing the firms to book reserves, a crucial concern for oil companies that depend on reserves for valuation and borrowing.
- The measure still needs approval from 17 of Mexico’s 31 state governments before becoming law, and there's plenty of opposition.
- ETFs: UNG, USO, OIL, UCO, GAZ, UGAZ, SCO, BOIL, DBO, DTO, BNO, DGAZ, UNL, CRUD, KOLD, USL, NAGS, DBE, GASZ, RJN, DNO, SZO, OILZ, UWTI, DWTI, OLO, DCNG, UOIL, JJE, RGRE, ONG, DOIL, OLEM, TWTI, UBN
Sunday, Dec 85:29 AM
Sunday, Dec 85:29 AM| 8 Comments
- Legislators in Mexico are today due to start debating a draft bill to open up the country's energy industry and end the decades-long monopoly of state-run Pemex, which suffers from inefficiency, falling output and chronic under-investment.
- The measures would allow private oil companies to explore for, produce, and refine oil and gas, as well as share and market the resources they extract. Firms would also be able to include the projected income of long-term contracts on their balance sheets, something that is crucial for obtaining funds. However, the proposals stop short of offering firms full-blow concessions - a loaded term in Mexico.
- If the bill becomes law, it could add 50-100 bps to Mexico's GDP and prompt rating agencies to give the country's debt a positive outlook, says economist Pedro Tuesta.
- Congress is expected to pass the legislation this week, as it's supported by the main opposition party as well as by the government, although it faces significant public hostility.
- ETFs: UNG, USO, OIL, UCO, EWW, GAZ, SCO, UGAZ, BOIL, DBO, DTO, BNO, DGAZ, UNL, CRUD, KOLD, USL, NAGS, DBE, GASZ, RJN, DNO, SZO, OILZ, UWTI, DWTI, OLO, DCNG, UOIL, JJE, UMX, RGRE, ONG, DOIL, SMK, OLEM, TWTI, UBN
Saturday, Nov 99:11 AM
Saturday, Nov 99:11 AM| 8 Comments
- Natural gas prices in Manhattan are cheaper than in Louisiana these days, thanks to a pipeline that opened Nov. 1 which has effectively doubled the amount of natural gas flowing into Manhattan and steadily pulled down the island’s delivery price.
- Spectra Energy’s (SE) new pipeline, the first to be built to New York in 40 years, gathers gas from various sources including Pennsylvania's Marcellus Shale.
- SE says lower natural gas prices will reduce energy costs businesses and residents pay by $350M/year in New York and by the same in New Jersey, and analysts say the claims are legit; it will help clean up the air too.
- The pipeline met opposition from groups arguing that it encourages fracking, but New Yorkers already consumed fracked natural gas - now they’ll at least stop overpaying for it.
- ETFs: UNG, GAZ, UGAZ, BOIL, DGAZ, UNL, KOLD, NAGS, GASZ, DCNG.
Monday, Oct 1410:50 AM
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.
Wednesday, Jul 319:58 AM
Wednesday, Jul 319:58 AM| Comment!
- Centrica's (CPYYF.PK) $1B deal for Hess' (HES) energy marketing operations, which supplies businesses on the U.S. east coast, is a signal the U.K. utility - which was on the margins of the sector but now becomes one if its biggest players - is bearish on natural gas prices and has implicitly taken a $1B short position, WSJ's Liam Denning writes.
- The acquired business sells gas but doesn’t produce any, so it performs best when prices are reasonably low and stable.
- Centrica suggests more U.S. acquisitions may be ahead, since lower North American gas prices make it attractive vs. the U.K., where costs are rising.
Saturday, Jun 299:05 AMPres. Obama's climate plan was mostly upbeat for natural gas (GAZ, UNG), and shares of gas companies such as Chesapeake (CHK) and Cabot (COG) rose. But included in the fine print is an "interagency methane strategy" that could prompt new regulations after closer looks at the scope of leaks from gas wells, pipelines and plants. Methane, a key gas component, is 25x as potent a greenhouse gas as carbon dioxide. |Saturday, Jun 299:05 AM| 28 Comments
Thursday, Jun 2711:56 AMNatural gas (UNG -4.5%) plummets following a larger than expected inventory build as well as a continued outlook for moderate summer temperatures in the Northeast. Total stocks now stand at 2.533T cubic feet, off 522B from a year ago, and 31B below the 5-year average. |Thursday, Jun 2711:56 AM| 10 Comments
Thursday, Jun 610:45 AM
Tuesday, May 215:54 PMAs a second U.S. liquefied natural gas export project gets the green light, Credit Suisse is the latest to predict how much LNG the U.S. might send overseas: potentially 10B cu. ft./day by the end of the decade. Growing confidence that more export approvals are ahead has lifted U.S. natural gas calendar-strip prices for 2015, '16 and '17 by 3%, 4% and 5%, respectively, CS says. (earlier) |Tuesday, May 215:54 PM| 3 Comments
Tuesday, May 2110:43 AMLiquefied natural gas exports from the U.S. are looking more likely after the Freeport LNG terminal gained conditional approval, Goldman Sachs says, supporting its view that at least 6.8B cu. ft./day of liquefaction capacity will be built in the U.S. The market needs no more than 7.7B/day for the next decade, and Henry Hub prices need to stay at or below $5.10/MBtu to keep U.S. LNG competitive in Europe, Goldman says. |Tuesday, May 2110:43 AM| 6 Comments
Monday, May 137:25 PMMoody's predicts "historically low" natural gas prices will remain for some time because North America's shale-drilling revolution is "deeply entrenched." If right, that's bad news for the likes of Encana (ECA) and other natural gas producers but more encouraging for Agrium (AGU) and other ammonia and methanol producers that will enjoy "lower natural gas input costs." |Monday, May 137:25 PM| 1 Comment
Friday, May 310:47 AMNatural gas prices in the northeast U.S. could hit five-year seasonal highs this summer because increasing demand from power plants may be too much for pipelines to handle, analysts say. Kinder Morgan Partners (KMP), Spectra Energy (SE) and Williams Cos. (WMB), which own the region’s main interstate pipelines, say their systems are running at or near capacity. |Friday, May 310:47 AM| Comment!
Thursday, Apr 1812:59 PMNatural gas (UNG +4.2%) rises to its highest price since mid-2011 after a smaller-than-expected add to stocks. At play here, suggests Tradition Energy, is an unusually cold spring adding to heating demand. Warmer temps and the looming restart of idled nuclear plants could limit future gains. |Thursday, Apr 1812:59 PM| 3 Comments