Range Resources’ 4Q17 revenue In 4Q17, Range Resources (RRC) reported revenue of ~$600 million, lower than Wall Street analysts’ estimate of ~$626 million. RRC’s revenue rose ~24% from its 3Q17 revenue of ~$482 million and ~2% from its 4Q16 revenue of ~$590 million. Reasons behind Range Resources’ higher revenue in 4Q17 Range Resources’ higher revenue could be attributed […]
As we saw in the previous part of this series, Southwestern Energy’s (SWN) stock price decreased strongly by ~6.0% for the week ended January 19. Natural gas (UGAZ)(DGAZ)(UNG) prices fell marginally by ~0.5%.
Baker Hughes, a GE company, released its weekly US natural gas rigs report on January 19, 2018. Natural gas rigs increased by two to 189 on January 12–19.
According to PointLogic, US dry natural gas production fell 3.7% to 74 Bcf (billion cubic feet) per day between December 28, 2017, and January 3, 2018.
A Reuters poll estimates that US natural gas inventories could have fallen by 332 Bcf (billion cubic feet) between December 29, 2017, and January 5, 2018.
For the week starting January 1, 2018, crude oil prices have risen ~2%, from last week’s close of $60.42 per barrel to $61.63 per barrel on January 3, 2018.
This week, unleaded gasoline (UGA) prices are leading the rise in energy commodities. Gasoline prices rose very strongly from last week’s close of $1.655 per gallon on December 15 to $1.745 per gallon on December 20, an increase of ~5.4%.
US natural gas futures contracts for January delivery rose 0.79% to $3.05 per MMBtu (million British thermal units) at 1:20 AM EST on December 1, 2017.
The CFTC reported that hedge funds’ net long positions in US natural gas futures and options contracts rose by 33,734 contracts to 75,297 on November 7–14.
US natural gas production rose by 0.3 Bcf (billion cubic feet) per day to 75.9 Bcf per day on November 9–15, 2017. Production rose 0.4% week-over-week.
PointLogic estimates that US dry natural gas production rose by 0.9 Bcf (billion cubic feet) per day to 75.5 Bcf per day on October 26–November 1, 2017.
December natural gas (BOIL) (FCG) futures contracts fell 0.29% to $3.04 per MMBtu (or million British thermal units) in electronic exchange at 2:04 AM EST on October 27, 2017.
Market data provider PointLogic estimates that weekly US dry natural gas production fell by 0.2 Bcf (billion cubic feet) per day to 74.3 Bcf per day from September 21 to 27, 2017.
On September 22, 2017, Baker Hughes will release its US natural gas rig count report. The US natural gas rig count fell by one to 186 on September 8–15.
October US natural gas futures contracts rose 0.4% to $2.96 per MMBtu (million British thermal units) in electronic trading at 2:05 AM EST on September 22.
Market data provider PointLogic estimates that weekly US dry natural gas production rose by 0.2 Bcf (billion cubic feet) per day to 73.9 Bcf per day from September 7 to 13.
September natural gas futures are above their 20-day and 50-day moving averages of $2.91 and $2.96 per MMBtu (million British thermal units), respectively.
September US natural gas (DGAZ) (GASL) futures contracts rose 0.1% to $2.98 per MMBtu (million British thermal units) in electronic trading at 1:50 AM EST on August 11, 2017.
The EIA reported that US natural gas inventories rose by 17 Bcf or 0.6% to 2,990 Bcf on July 14–21. Inventories fell 9.2% from the same period in 2016.
September US natural gas (UNG) (UGAZ) (DGAZ) futures contracts rose 1.8% and closed at $2.97 per MMBtu (million British thermal units) on July 27, 2017.
The EIA estimates that monthly US dry natural gas production fell by 2.37 Bcf per day, or 3.2%, to 71.6 Bcf per day in April 2017—compared to March 2017.
The EIA reported that US natural gas inventories rose by 28 Bcf (billion cubic feet) to 2,973 Bcf on July 7–14, 2017. Inventories rose 0.1% week-over-week.
Hedge funds increased their net bullish positions on US natural gas futures and options contracts by 11,617 contracts to 92,583 on June 24–July 4, 2017.
August natural gas (UNG) (DGAZ) (UGAZ) futures contracts trading in NYMEX fell 0.67% to $2.96 per MMBtu (million British thermal units) on July 13, 2017.
US natural gas futures hit a four-week high on June 28, 2017, due to the expectation of a warm summer, which could result in higher demand for natural gas.
In its June STEO report, the EIA estimates that US natural gas prices could average $3.16 per MMBtu in 2017—0.4% lower than the previous month’s estimates.
NYMEX natural gas (GASL) (DGAZ) futures contracts for July delivery rose 4.3% and settled at $3.06 per MMBtu (million British thermal units) on June 15.
Hedge funds increased their net long position in US natural gas futures and options contracts by 27,776 contracts on May 9–16, 2017—the highest level ever.
On May 26, 2017, Baker Hughes will release its weekly US natural gas rig count report. For the week ending May 19, 2017, rigs rose by eight to 180 rigs.
June natural gas (UGAZ) (UNG) (FCG) futures contracts rose 0.8% and were trading at $3.21 per MMBtu (million British thermal units) in electronic trading at 5:00 AM EST on May 5, 2017.
According to data from the EIA released on March 9, 2017, natural gas (UNG) (FCG) (DGAZ) inventories fell by 68 Bcf during the week ending March 3, 2017.
PointLogic reported that US dry natural gas production was flat at 70.4 Bcf (billion cubic feet) per day between January 25, 2017, and February 1, 2017.
The EIA released its weekly natural gas inventory report on January 26. US natural gas inventories fell by 119 Bcf to 2,798 Bcf from January 13–20, 2017.
