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Swift Energy Co. Message Board

  • aruba270155 aruba270155 Apr 5, 2013 11:01 AM Flag

    GS on NG outlook today:

    Goldman Sachs Group Inc. raised its forecast for U.S. natural gas futures for the remainder of this year on a “tightening shift” in market fundamentals after temperatures fell last month.

    Futures in New York will average $4.40 per million British thermal units for the balance of 2013, Goldman said in a report e-mailed today. That’s a 17 percent increase from its previous forecast of $3.75. Cold weather in the U.S. reduced inventories to 1.7 trillion cubic feet at the end of last month, from 2.5 trillion a year ago, according to the bank.

    “We believe the need for more production and less need for coal-to-gas switching will allow prices to move higher,” said Johan Spetz, a commodity analyst at Goldman in New York. “A return to growing production is required to balance the market after this summer.”

    Benchmark natural gas futures on the New York Mercantile Exchange climbed 15 percent in March, the most in half a year, as cold weather increased demand and drained stockpiles in the U.S. The contract for May delivery was at $3.96 per million British thermal units, up 0.3 percent, in electronic trading on Nymex today

    Sentiment: Buy

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12.40+0.08(+0.65%)Jul 23 4:00 PMEDT

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