Natural Gas inching nearer to its cyclical slump
NEW YORK:- Has the cyclical slump begun for Natural Gas?
Gas for August delivery declined as much as 0.6 % to $3.606 per million British thermal units in electronic trading on the New York Mercantile Exchange and was at $3.623 at 12:45 a.m. Singapore time. The contract fell 1.3 % yesterday.
Industry believed that moderating heat in the US may result in lesser demand for coolers, thereby lower demand for the gas fuel for power generation.
Power generation accounts for 32 % of U.S. gas demand, according to the Energy Information Administration, the Energy Department’s statistical arm.
NEW YORK:- Has the cyclical slump begun for Natural Gas?
Gas for August delivery declined as much as 0.6 % to $3.606 per million British thermal units in electronic trading on the New York Mercantile Exchange and was at $3.623 at 12:45 a.m. Singapore time. The contract fell 1.3 % yesterday.
Industry believed that moderating heat in the US may result in lesser demand for coolers, thereby lower demand for the gas fuel for power generation.
Power generation accounts for 32 % of U.S. gas demand, according to the Energy Information Administration, the Energy Department’s statistical arm.
“Forecasts showed an East Coast heat wave this week will give way to milder weather from July 22 through July 26, according to MDA Weather Services in Gaithersburg, Maryland. July 2012 was the hottest month in the lower 48 states in records going back 117 years, National Oceanic and Atmospheric Administration data show,” a Bloomberg report noted.
The high temperature in New York City on July 25 will be 81 degrees Fahrenheit (27 Celsius), 3 below normal, after reaching highs in the mid-90s this week, according to AccuWeather Inc. in State College, Pennsylvania. Chicago’s high may be 6 lower than the usual reading at 78 degrees.
Earlier this month, in an interview to The Gold Report Porter Stansberry, an investment analyst stated, “I am more bullish on natural gas today than I have ever been in my life. I think you're going to see a huge bull move in these stocks as their earnings ratchet higher and the market suddenly realizes that natural gas is at $3.50 per thousand cubic feet ($3.50/Mcf) rather than $2/Mcf. I am talking about producers in the natural gas space.”
The high temperature in New York City on July 25 will be 81 degrees Fahrenheit (27 Celsius), 3 below normal, after reaching highs in the mid-90s this week, according to AccuWeather Inc. in State College, Pennsylvania. Chicago’s high may be 6 lower than the usual reading at 78 degrees.
Earlier this month, in an interview to The Gold Report Porter Stansberry, an investment analyst stated, “I am more bullish on natural gas today than I have ever been in my life. I think you're going to see a huge bull move in these stocks as their earnings ratchet higher and the market suddenly realizes that natural gas is at $3.50 per thousand cubic feet ($3.50/Mcf) rather than $2/Mcf. I am talking about producers in the natural gas space.”
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