NEW YORK, NY--(Marketwire -08/01/12)- An abundance of available natural gas combined with muted domestic demand has sent prices for the fuel down to record lows earlier this year. But the recent heat wave hitting the country has sent gas prices soaring. The United States Natural Gas Fund, LP (UNG) has skyrocketed over 33 percent in the last three months. Five Star Equities examines the outlook for companies in the Oil & Gas Industry and provides equity research on EnCana Corporation (ECA) (ECA.TO) and SandRidge Energy Inc. (SD).
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The increased demand as a result of the recent heat wave combined with production cutbacks has seen natural gas prices soar nearly 70 percent after hitting a 10-year low this spring. Prices surged another 6.6 percent this past Monday after weather forecasts predicted the current heat wave to extend into August. Weather Services International's senior meteorologist, Dan Leonard, stated that he expects temperatures to be "10 to 15 degrees above normal" deep into August.
"As long as we see strong cooling demand, prices are going to go higher," said Gene McGillian, a broker and analyst at Tradition Energy.
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Encana is a leading North American energy producer that is focused on growing its strong portfolio of diverse resource plays producing natural gas, oil and natural gas liquids. Second quarter natural gas production volumes were 2.8 billion cubic feet per day (Bcf/d). Volumes were approximately 500 MMcf/d lower due to voluntary capacity reductions, divestitures and natural declines.
SandRidge's drilling activities are focused on its oil properties in the Mid-Continent and Permian Basin. The company also maintains production in West Texas, the Gulf Coast and the Gulf of Mexico. A total of 240 gross (213 net) operated wells were completed and brought on production during the first quarter of 2012.
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