With the expectation that the injection season will end with gas storage at 200 Bcf above the five-year average, Lehman Brothers cut its price forecast for the rest of the year to $7/MMBtu from $7.75/MMBtu “to reflect the turmoil that the oversupply may cause in the market in the next several months.”
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Reserve Values Still Hot; Oil Overtakes Gas
The expectation for continued strong oil and natural gas prices, as expressed in each commodity’s Nymex strip, has had both positive and negative impacts on the exploration and production sector. It has allowed the industry to substantially pay-down debt, but also has driven up costs for people, equipment and, in particular, assets.
Reserve Values Still Hot; Oil Overtakes Gas
The expectation for continued strong oil and natural gas prices, as expressed in each commodity’s Nymex strip, has had both positive and negative impacts on the exploration and production sector. It has allowed the industry to substantially pay-down of debt, but also has driven up costs for people, equipment and, in particular, assets.
EarthSat Forecast Calls for Cold November, Cold Winter Ahead
This winter will be colder than last year and much closer to the 30-year norm for the national average expectation, according to MDA EarthSat Energy Weather’s Winter Outlook, which concurred with a winter forecast by AccuWeather issued earlier this month. EarthSat also set 3:1 odds for a colder-than-normal November in the eastern United States.
EIA Raises Gas Price Projections 20% on Crude Forecast, Economy
Although natural gas storage levels remain adequate, high crude oil prices, a continued strong economy and the expectation that Pacific Northwest hydroelectric resources will be well below normal through mid-summer are the principal reasons the Energy Information Administration (EIA) sharply raised its gas price forecasts in its April Short Term Energy Outlook.
EIA Raises Gas Price Projections on Crude Forecast, Economy
Although natural gas storage levels remain adequate, high crude oil prices, a continued strong economy and the expectation that Pacific Northwest hydroelectric resources will be well below normal through mid-summer are the principal reasons the Energy Information Administration (EIA) raised its gas price forecasts in its April Short Term Energy Outlook.
Oneok Reaffirms ’05 Earnings, Expects Drop in Gas Volumes
Oneok Inc. reaffirmed its 2005 earnings forecast last week with an expectation of higher net income. However, earnings in its production unit are expected to fall because of an anticipated drop in natural gas volumes.
Oneok Reaffirms ’05 Earnings, Expects Drop in Gas Volumes
Oneok Inc. reaffirmed its 2005 earnings forecast this week with an expectation of higher net income. However, earnings in its production unit are expected to fall because of an anticipated drop in natural gas volumes.
EnCana Developing SE Alberta Storage Facility, Looks to Expand California’s Wild Goose
With an expectation that the Western Sedimentary Basin of Canada will continue as a key focus for natural gas exploration and development, Calgary-based EnCana Corp. announced Thursday it will construct a 40 Bcf natural gas storage facility in southeastern Alberta. The Countess development, once completed, is expected to increase EnCana’s Western Canadian gas storage by almost 40%, totaling approximately 135 Bcf.
Moody’s Drops Aquila to Junk on Poor International Returns, Debt
Reflecting an expectation that planned asset sales will occur, Aquila Inc. retained a “stable” ratings outlook but had its debt downgraded to below investment grade by Moody’s Investors Service on Tuesday. In response, the Kansas City-based company said it was “prepared to respond to the potential effects” the downgrade to “Ba2” could bring.