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Chesapeake Granite Wash Trust Message Board

  • newman1979 newman1979 Mar 27, 2014 11:04 AM Flag

    NG fell to 50% below

    the 5 year average to 896 Bcf, the EIA said today. A 57 Bcf draw last week and cold weather this week, would indicated a further draw next week also. NG price was up this morning.

    Sentiment: Buy

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    • next week draw should be between 40-60 but after that we should start to see some positive numbers into storage. Winter took its toll out of storage numbers and now we must depend on demand to keep the positive numbers lower than in the past. Given how much more NG is being obtained from frac wells for oil demand must increase to keep pace with last year lower than average non winter storage numbers.

      Below 900 to start the adding is about 700 units lower than what was considered normal.

      I still say the average price at the spot for all of 2014 will be at or above 4 bucks. Lets hope chkr can figure out a way to get at least 2.50 for their NG one can hope.

1.97-0.03(-1.50%)May 31 4:02 PMEDT