If Mexico’s natural gas production continues to inch upward, it may play a “modestly bearish” role in the U.S. gas equation in 2008, according to energy analysts with Raymond James & Associates Inc.
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U.S. Gas Exports to Mexico Forecast to ‘Fade to Nothing’
If Mexico’s natural gas production continues to inch upward, it may play a “modestly bearish” role in the U.S. gas equation in 2008, according to energy analysts with Raymond James & Associates Inc.
Bulls Unimpressed By Favorable Storage Stats; August Posts Small Gain
A modestly bullish Energy Information Administration (EIA) inventory report Thursday thwarted the pervasive downtrend in gas futures prices for the time being, but August natural gas futures managed only a modest 1.8 cent gain to settle at $5.943 in active trading on the New York Mercantile Exchange.
Constellation Energy Completes Cornerstone Acquisition
Constellation Energy subsidiary Constellation NewEnergy Gas Division (CNE Gas) has completed the acquisition of Cornerstone Energy Inc., creating one of the nation’s largest natural gas marketing companies.
Prices Move Lower Again at Majority of Points
Once again a few flat to modestly higher points were greatly outweighed in the cash market Tuesday by falling prices as last week’s flashback to winter continued to yield to seasonable temperatures in more areas. Cash quotes also had negative guidance from Monday’s drop of more than a quarter by May futures.
Weekend Cash Prices Drop Across the Board
As expected following Thursday’s modestly bearish storage injection report and the subsequent screen plunge, prices saw double-digit declines at all points Friday. The fact that outside the Rockies and Upper Plains cold weather forecasts only occasionally called for below-freezing lows, and the drop of industrial load that accompanies a weekend trading period, also contributed to cash market weakness.
Nearly All Points Down for Holiday Weekend
A modestly higher Gulf Coast point prevented a clean sweep of continuing price softness Thursday. A lack of weather-related demand, the additional loss of industrial load associated with a long holiday weekend and prior-day screen weakness combined to send prices lower at all other points.
Screen, Weather Likely to Keep Prices Falling
A gradual trend toward more autumn-like temperatures (or downright wintry in a few northern areas) and modestly growing comfort levels with the restoration of Gulf Coast onshore and offshore infrastructure finally proved great enough Thursday to reverse what had been a near-solid progression of rising prices earlier in the week.
Raymond James Stands Firm On $10/Mcf Forecast by End of Summer
Abnormally mild U.S. weather over the past year has reduced natural gas demand enough to lead to a modestly oversupplied market, according to Raymond James analysts, who warned for the second time in two weeks that gas prices could hit $10/Mcf by the end of this summer.
Bearish 54 Bcf Injection, Crude Weakness Help NatGas Futures Continue Slide
After trading lower in the Wednesday overnight Access session, June natural gas futures continued to fall Thursday morning, pressured by a modestly bearish natural gas storage injection and weakening June crude oil futures, which slipped below the psychological $50/bbl level.