NEW YORK / ACCESSWIRE / November 14, 2018 / Shares of United States Natural Gas were up significantly in Wednesday’s session as natural gas prices and related ETFs went higher on reports that it would be a very cold winter. Shares of PG&E were sinking on news that the company may be to blame for California’s deadliest wildfire in its history.
MER Initiates Coverage on:
United States Natural Gas
United States Natural Gas shares were up 18.90% on about 43 million shares traded yesterday. The stock hit a new high of $39.87. There was no news from the company but traders were celebrating the news that this could be a colder winter than expected which is a good thing for energy companies. Natural gas prices as well as related ETFs were soaring on Wednesday with the United States Natural Gas Fund moving 17.9% up and Nymex natural gas futures 16.6% up. "Overnight, there was another round of cold trends, and that kind of lit the fuse and everything exploded," said Jacob Meisel, chief weather analyst at Bespoke Weather Services, to CNBC. "Some of the later overnight weather models trended much colder...the six to 10 and 11 to 15 day [forecasts] both saw rather significant cold trends. It wasn't like we were looking at periods of very major sustained warming. We've just been continually trending colder and colder." It was also on Tuesday that natural gas futures for December closed at a premium of ~$1.14 to the December 2019 futures. On November 6th the futures spread was at a premium of $0.6. On November 6th through the 13th, natural gas December futures rose 15.4%.
PG&E Corporation shares were down nearly 22% on Wednesday on skyrocket trading volume of 53.5 million shares roughly. Average trading volume for the stock is just about 6 million shares. The big drop came after it was revealed that the utility company has been blamed for the 12 wildfires blazing in Northern California wine country last fall. The fires killed a total of 15 people. The cause of the fire blazing now in California which destroyed the city of
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