Natural Gas Prices Going Uppity Up Up!
Those daring young men in their drilling machines will soon have good reason to "drill baby drill" if this trend continues. This may be the result of this continued cold spell. In any case it is good for investors and land owners alike! Too early to pop the corks?
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Permalink Reply by Jeff Kerr on
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Jim Litwinowicz when the nat. gas price go's up does the well head price go up with it thank you for your comment .
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Permalink Reply by Keith Mauck (Site Publisher) on
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http://www.bloomberg.com/news/2014-01-27/u-s-east-set-for-another-a...
U.S. Set for More Arctic Cold as Natural Gas Prices Surge
The U.S. will get another blast of freezing Arctic air this week, bringing snow and sleet as far south as Texas and helping push natural gas to a four-year high.
“A very strong cold front will be bringing frigid conditions back to the central and eastern U.S.,” the Weather Service said in a bulletinon its website at 3:01 a.m. eastern time. Subfreezing highs are expected “well into the Deep South,” with snow, sleet, and freezing rain expected by tomorrow near the Central Gulf Coast and becoming heavier over the Carolinas.
“This rare winter storm will make many people who love snow very happy,” according to the report.
January is on track to be the coldest month of the century in the lower 48 states, according to Commodity Weather Group LLC, after waves of freezing air swept across the country. Natural gas rose for a fifth day in New York and was poised for the highest close in almost four years, while heating oil traded at the highest prices in almost five months. Wheat rose on speculation that the freezing weather will harm crops.
Four of the 10 coldest days of the 21st century in the contiguous U.S. states occurred this month, Matt Rogers, president of Commodity Weather Group in Bethesda, Maryland, said last week. Chicago was colder than the South Pole at the start of the month.
“The big picture cold pattern is still the main story over the next few weeks as significant high latitude ridging from the Bering Sea to the Pole and even dipping more toward Greenland now helps send significant cold air south through North America,” the College Park, Maryland-based weather service said today in a report.
Gas Prices
Natural gas for February delivery advanced as much as 5 percent to $5.442 per million British thermal units on the New York Mercantile Exchange, and was at $5.275 at 12:19 p.m. inLondon. The volume of all futures traded was more than four times the 100-day average. The contract jumped 20 percent last week, the most since October 2010.
Gas inventories dropped by 1.386 trillion cubic feet to 2.423 trillion from Oct. 31 through Jan. 17. The drop was 50 percent more than the five-year average decline of 927 billion for the period, Jose Villar, an analyst with the U.S. Energy Information Administration, said in an e-mail Jan. 23. It’s the fastest pace of withdrawals on record for the period, he said.
Chicago will have a low of minus 12 degrees Fahrenheit (minus 24 Celsius) today, 30 degrees below normal, according to AccuWeather Inc. in State College, Pennsylvania. The high for the day will be minus 3 degrees. Boston’s low today will be 13 degrees, nine degrees below the average. There is a chance for rain or a snow shower in East Rutherford, New Jersey, during the Super Bowl on Feb. 2, with temperatures around normal at 24 degrees.
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Permalink Reply by Elnathan Cory on
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Good news for investors in clean energy! All we need now is infrastructure.
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Permalink Reply by Ed MYers on
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Why would anyone be against selling to China? We sure buy a lot from them. Would be nice to get some of our money back.
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Permalink Reply by Bill Barnaby on
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I don't know why anyone who has their hand in the till would be against it, if it sells for more. They either have a big heart, or don't know what's going on.
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Permalink Reply by Elnathan Cory on
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Maybe China can start paying us for high priced natural gas to fuel their factories so that the children will have work. I have a big heart! I would never deny the children of China a job making my iphone or ipad!
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Permalink Reply by David Perotto on
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$5.56!!!!
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Permalink Reply by Elnathan Cory on
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There are about 6 million BTUs of energy in a barrel of oil and 1 million BTUs in a MCF of gas. If gas is at about $5 per MCF then 6 times that would give you the comparison of cost to oil. 6 times 5 of course equals $30.00. That is why natural gas is such a bargain over oil. A barrel of oil right now is about $97 about three times more expensive.
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Permalink Reply by Jim Litwinowicz on
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Additionally, crude oil requires expensive refining, pollutes more, and is more difficult to ship. Nat gas is a bargain.
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Permalink Reply by Elnathan Cory on
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Natural gas can be turned into diesel and be quite profitable at this time. As long as natural gas is cheap and diesel is expensive!
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Permalink Reply by Philip Brutz on
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http://www.eia.gov/naturalgas/weekly/#tabs-prices-2
Spot Prices ($/MMBtu) Thu,
30-JanFri,
31-JanMon,
3-FebTue,
4-FebWed,
5-FebHenry Hub 5.295.015.025.757.90New York 6.355.755.979.5920.77Chicago 6.446.966.918.5927.45Cal. Comp. Avg,* 5.345.176.257.9722.96Futures ($/MMBtu) March Contract 5.0114.9434.9055.3755.030April Contract 4.3584.4544.5074.6654.546*Avg. of NGI's reported prices for: Malin, PG&E citygate, and Southern California Border Avg. Source: NGI's Daily Gas Price Index
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Permalink Reply by Elnathan Cory on
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Wow, $6.15 today! I hope this trend helps to spur the already growing natural gas market! I figure this is tied into the cold winter but this serves as a reminder of how valuable this resource is to our country.
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