With gas futures prices soaring to a new record past $5, now isnot a bad time to raise price forecasts and expectations for thecoming winter and next year. Prudential Securities did just thatlast week by upping its predictions on spot wellhead prices to$4.10 for the second half of the year, $3.55 for all of 2000 and$3.65 for 2001.
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Prudential Sees Bull Market Running Two More Years
With gas futures prices soaring past $5, now is not a bad timeto raise price forecasts and expectations for the coming winter andnext year. Prudential Securities did just that yesterday, uppingits predictions on spot wellhead prices to $4.10 for the secondhalf of the year, $3.55 for all of 2000 and $3.65 for 2001.
Independents Put in Blockbuster 2nd Quarter
Independent producers who took advantage of soaring gas and oil prices put in a blockbuster second quarter, according to the numerous financial reports released yesterday. “Essentially everybody beat my earnings forecasts,” said Irene Haas, E&P analyst for Sanders Morris Harris in Houston.
Independents Put in Blockbuster 2nd Quarter
Independent producers who took advantage of soaring gas and oilprices put in a blockbuster second quarter, according to thenumerous financial reports released yesterday. “Essentiallyeverybody beat my earnings forecasts,” said Irene Haas, E&Panalyst for Sanders Morris Harris in Houston.
Mitchell Energy Doubles Production in N. Texas
Mitchell Energy & Development’s gas production in NorthTexas is soaring. The company announced that its developmentprogram in the Newark East Barnett shale field is exceedingexpectations. In a little more than a year’s time, the company’sgross natural gas production in the Barnett field has doubled to172 MMcf/d. At this rate, Mitchell Energy will meet, and exceed itstarget growth of 15% this year.
Mitchell Energy Doubles Production in N. Texas
Mitchell Energy & Development’s gas production in NorthTexas is soaring. The company announced that its developmentprogram in the Newark East Barnett shale field is exceedingexpectations. In a little more than a year’s time, the company’sgross natural gas production in the Barnett field has doubled to172 MMcf/d. At this rate, Mitchell Energy will meet, and exceed itstarget growth of 15% this year.
Is OPEC to Blame for Natural Gas Price Spikes?
Despite strong demand and soaring crude prices, EIA places mostof the blame for the current high gas price situation on tightsupply. “Although rising crude oil prices have encouraged naturalgas prices to advance, the primary cause of these elevated gasprices has been the delicate supply situation,” EIA said.
Gas Market Continues to Take Heavy Toll on Chemical Industry
The soaring gas market continues to claim casualties amongindustrial end-users. The ammonia, urea and methanol industries,just to name a few that require significant amounts of natural gasfor production, are on the verge of being crippled because of highfeedstock costs and continuing poor sales prices in the domesticand international markets.
Williams Predicts 2Q Profits to Soar
Tulsa’s Williams Cos., buoyed by soaring natural gas prices andbetter news than expected on its rate-refund liabilities andperformance by its communications group, said last week that itexpects second-quarter profits to exceed the first quarterperformance of 27 cents a share. It had been expected to earn 16cents, according to analysts polled by First Call/ThomsonFinancial.
Market Continues to Take Heavy Toll on Chemical Industry
The soaring gas market continues to claim casualties amongindustrial end-users. The ammonia, urea and methanol industries,just to name a few that require significant amounts of natural gasfor production, are on the verge of being crippled because of highfeedstock costs and continuing poor sales prices in the domesticand international markets.