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  • quantuon quantuon Sep 6, 2012 4:21 PM Flag

    nat gas report

    the 28 injected was much lower than last year at this time so the 13% above you mention must refer to the overall level. Pretty clear looking at the EIA chart that so called "overfilling" storage is a broken story....so now it will all come down to rig counts and how long the current wells plateau initially....figure it takes about 6 months before big declines set in and the shut ins started big time in May/June....so by the end of the year, the supply numbers should be flattening to down.....just in time for a cozy winter.....

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    • That is what I meant - i.e., 13% with respect to the overall level last year, not the specific week. Same with the 10%. At these rates of injection those differences in percentages will disappear soon, probably before December. When the "excess" supply is gone, gas will go to $5+, if not higher. There are only 500 some odd rigs drilling for gas now, and gas companies will not bring them back to gas from oil. Moreover, the companies have learned their lessons and will not create that type of "oversupply" again, ever.

      Sentiment: Strong Buy

 
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