The midpoint of Noble Energy’s 2017 production growth guidance is 420 Mboepd. It represents 5% production growth compared to its levels in 2016.
Noble Energy is expected to report its 1Q17 earnings on May 1 after the markets close. The company’s consensus revenue estimates stand at $987 million.
The EIA estimates that natural gas prices could average $3.10 per MMBtu in 2017. Natural gas prices could average $3.45 per MMBtu in 2018.
PointLogic reported that US natural gas consumption fell 6% on April 13–19, 2017. Consumption fell 10.9% from the same period in 2016.
PointLogic reported that weekly US dry natural gas production fell 0.3% to 69.9 Bcf (billion cubic feet) per day on April 13–19, 2017.
Baker Hughes (BHI) will release its weekly US natural gas rig count report on April 21, 2017. The rig count fell by three to 162 rigs on April 7–14, 2017.
The EIA estimates that US natural gas inventories will be 3,861 Bcf by the end of October 2017—0.70% lower than the five-year average.
The EIA reported that US natural gas inventories rose by 54 Bcf to 2,115 Bcf on April 7–14, 2017. Inventories rose 2.6% week-over-week but fell 14.8% YoY.
US natural gas futures for May delivery rose 0.45% and were trading at $3.17 per MMBtu in electronic trading at 5:10 AM EST on April 21, 2017.
As of April 20, 2017, natural gas prices were 21.1% below their 15-month high. They fell due to warmer-than-normal weather for this time of year.
At ~65.0%, the Energy Select Sector SPDR ETF (XLE) showed the highest correlation with US crude oil between March 20, 2017, and April 20, 2017.
From April 13–20, 2017, the United States Natural Gas ETF (UNG) fell 1.8%, and natural gas futures fell 2.1%.
From April 13–20, 2017, the Energy Select Sector SPDR ETF (XLE) fell 1.7%. It was the largest loser among the sector-based SPDR ETFs we’re comparing.
From April 13–20, 2017, the United States Oil ETF (USO) fell 5.3%. In the trailing week, WTI crude oil June futures fell 5.4%.
On April 20, 2017, US crude oil futures contracts for June delivery closed at $50.71 per barrel, a ~0.30% fall over the previous trading session.
Gold (GLD) and silver were stable in the early hours amid terrorist attacks in Paris. Platinum and palladium are slightly weaker in the early hours.
Germany’s DAX index is trading positive on Friday morning. The market is supported by Germany’s stronger-than-expected manufacturing PMI data.
The risk appetite in the market fell before France’s presidential election. On April 21, the Hang Seng Index fell 0.06% and closed the day at 24,042.02.
The correlation coefficient between Nabors Industries’s (NBR) stock price and crude oil prices from April 19, 2016, to April 19, 2017, is 0.62.
On April 19, 2017, ~79% of analysts tracking Nabors Industries rated it as a “buy” or some equivalent. Approximately 21% rated the company as a “hold,” and none of the sell-side analysts rated it as a “sell” or an equivalent.