As year-over-year weather comparisons become more favorable and surplus natural gas currently available shrinks on increased demand, the price ratio between oil and gas should “at least” approach Btu parity of 6:1 and possibly get narrower over the next six months, Raymond James analysts said in a new report. With front-end oil futures near $60/bbl, “that means the fair value for gas is about $10/Mcf, not $7.36,” which is the current price of front-month gas futures.
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Piedmont Natural’s 3Q Loss Shrinks Due to Decreased Expenses
Following its end of third quarter 2002 board meeting, Piedmont Natural Gas Co. said it has narrowed the company’s earnings loss from the similar period a year ago. The Charlotte, NC-based natural gas distributor posted a net income loss of $9 million ($0.27 per share) for the quarter ended July 31, compared with a net income loss of $16.8 million ($0.52 per share) for the year-ago period.
August 26, 2002
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