Front-month gas futures on the New York Mercantile Exchange was down 0.7 cents, or 0.34 percent, to $2.055 per million British thermal units at 8:44 a.m. EDT (1244 GMT), paring losses from the session low of $1.948 per mmBtu.
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“Unusually warm weather for this time of year is threatening to crimp gas demand just as caverns and reservoirs are filling up with supplies”.
“This transaction establishes a valuable natural gas platform – and will provide strong growth opportunities for years to come”, said Lynn Good, Duke’s CEO, on a conference call with analysts. Shares of Piedmont Natural Gas Co. jumped almost 40 percent before the opening bell and appear to be heading for an all-time high. This suggests pessimistic sentiments in the natural gas market.
Weekly data show gas storage at 3.81 trillion cubic feet, and the record is 3.929 trillion cubic feet in November 2012.
The companies are partners in the $5 billion Atlantic Coast Pipeline that will be the first major natural gas pipeline to serve eastern North Carolina. The more-actively traded…
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Gas reaching $2 “definitely pressures the producers to cut back on investment, to cut back on drilling and leave a little bit of gas in the ground for later”, said Evans. According to Accuweather Inc., on November 5, Manhattan is expected to record the highest temperature of 68 degrees Fahrenheit, which is 11 degrees higher than the historical average. Almost half of the households in the United States consume natural gas for heating purposes. He expects the trend to continue to the point that it will be tough to distinguish an electric company from a natural gas one. “The lower we go, the more of a bargain it represents and the less sustainable the price becomes”.
