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©2010 Bloomberg News
By Moming Zhou
April 12 (Bloomberg) -- Natural gas futures fell in New York, on speculation that rising production and tepid demand will send U.S. stockpiles soaring in the months ahead.
Gas inventories rose to 1.669 trillion cubic feet in the week ended April 2, 12 percent above the five-year average, the Energy Department reported last week. Stockpiles may reach 4 trillion cubic feet by the end of October, surpassing last year's record of 3.837 trillion, analysts at Raymond James & Associates Inc. said today.
"There is a huge amount of supply coming online later this year and next year," said Hamza Khan, an analyst with Schork Group Inc., a consulting company in Villanova, Pennsylvania. "The bulls are putting in resistance but the bears still have fundamentals on their side, and that's why prices are fluctuating."
Natural gas for May delivery declined 6.2 cents, or 1.5 percent, to settle at $4.008 per million British thermal units on the New York Mercantile Exchange. Prices rose as high as $4.18 and dropped to $3.936 today. The futures have declined 28 percent this year.
Gas will average $4.25 per thousand cubic feet this year, down 15 percent from the earlier forecast of $5, the Raymond James analysts, led by Marshall Adkins, said in a report to clients today. Prices may fall to $3.50 per thousand cubic feet during the summer. Prices per million Btu and thousand cubic feet are roughly equivalent.
"U.S. gas supply and LNG threaten to overwhelm storage this summer," the analysts said. "We believe U.S. natural gas prices will remain range-bound, $3.50 to $6.50, over the next few years."
Gas Rigs
The number of gas rigs working in the U.S. increased to 959 in the week ended April 9, up 44 percent from July, according to Baker Hughes Inc. An increase in rigs indicates output from gas fields may gain later this year.
Gas futures fell to $3.81 per million Btu on April 1, the lowest level since Sept. 28, and touched a three-week high of $4.334 on April 6.
"Today's weakness is a technical retest of the recent low," said Chris Kostas, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. Prices may move higher later this week on demand from "the storage sector and the power sector."
Temperatures will be above normal this week in the Midwest and most part of the East Coast, according to MDA Federal Inc.'s EarthSat Energy Weather, based in Rockville, Maryland.
"If the weather stays above seasonal norm, we could see increased air-conditioning demand," said Khan.
Wholesale natural gas at the benchmark Henry Hub in Erath, Louisiana, rose 13.6 cents, or 3.5 percent, to $4.0349 per million Btu at 1:33 p.m. New York time, according to data compiled by Bloomberg.
Gas futures volume in electronic trading on the Nymex was 288,667 contracts as of 2:44 p.m., compared with a three-month daily average total of 229,000. Volume was 294,553 on April 9. Open interest was 860,833 contracts, compared with the three- month average of 810,000. The exchange has a one-business-day delay in reporting open interest and full volume data.
By Moming Zhou
April 12 (Bloomberg) -- Natural gas futures fell in New York, on speculation that rising production and tepid demand will send U.S. stockpiles soaring in the months ahead.
Gas inventories rose to 1.669 trillion cubic feet in the week ended April 2, 12 percent above the five-year average, the Energy Department reported last week. Stockpiles may reach 4 trillion cubic feet by the end of October, surpassing last year's record of 3.837 trillion, analysts at Raymond James & Associates Inc. said today.
"There is a huge amount of supply coming online later this year and next year," said Hamza Khan, an analyst with Schork Group Inc., a consulting company in Villanova, Pennsylvania. "The bulls are putting in resistance but the bears still have fundamentals on their side, and that's why prices are fluctuating."
Natural gas for May delivery declined 6.2 cents, or 1.5 percent, to settle at $4.008 per million British thermal units on the New York Mercantile Exchange. Prices rose as high as $4.18 and dropped to $3.936 today. The futures have declined 28 percent this year.
Gas will average $4.25 per thousand cubic feet this year, down 15 percent from the earlier forecast of $5, the Raymond James analysts, led by Marshall Adkins, said in a report to clients today. Prices may fall to $3.50 per thousand cubic feet during the summer. Prices per million Btu and thousand cubic feet are roughly equivalent.
"U.S. gas supply and LNG threaten to overwhelm storage this summer," the analysts said. "We believe U.S. natural gas prices will remain range-bound, $3.50 to $6.50, over the next few years."
Gas Rigs
The number of gas rigs working in the U.S. increased to 959 in the week ended April 9, up 44 percent from July, according to Baker Hughes Inc. An increase in rigs indicates output from gas fields may gain later this year.
Gas futures fell to $3.81 per million Btu on April 1, the lowest level since Sept. 28, and touched a three-week high of $4.334 on April 6.
"Today's weakness is a technical retest of the recent low," said Chris Kostas, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. Prices may move higher later this week on demand from "the storage sector and the power sector."
Temperatures will be above normal this week in the Midwest and most part of the East Coast, according to MDA Federal Inc.'s EarthSat Energy Weather, based in Rockville, Maryland.
"If the weather stays above seasonal norm, we could see increased air-conditioning demand," said Khan.
Wholesale natural gas at the benchmark Henry Hub in Erath, Louisiana, rose 13.6 cents, or 3.5 percent, to $4.0349 per million Btu at 1:33 p.m. New York time, according to data compiled by Bloomberg.
Gas futures volume in electronic trading on the Nymex was 288,667 contracts as of 2:44 p.m., compared with a three-month daily average total of 229,000. Volume was 294,553 on April 9. Open interest was 860,833 contracts, compared with the three- month average of 810,000. The exchange has a one-business-day delay in reporting open interest and full volume data.
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Amartya
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ma che segue sta' merdazza ? il crudo ? le onde? i venti tropicali?
Benvenuto tra noi.......
segue le scoregge
ERRY
ASTA LA FAIGA SEMPRE
ho gia' il trapano in mano mo te faccio 4 fori da 20