$8 Natural Gas; We're Right On Schedule |
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October 14, 2012 |
October 2012 Bond Updates
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New natural gas rig counts hit the wires Friday morning and on cue the number decreased yet another 15 rigs to 422, another 21st century low and a massive 55% below the 936 peak one year ago. An article was published by me on July 22nd predicting a spike to $8.00 natural gas by this winter. Well, we are right on track. During that July week natural gas storage numbers were 19.2% and 17.5% respectively above the one and five year averages. Back then we had had eleven straight weeks of below normal storage injections. Since that time we have had a look at thirteen more data points twelve of which were below normal so now the “glut” has diminished to only 6.8% and 7.8% more than the one and five year averages. Thursday’s actual storage injection was 72 Bcf against a 108 Bcf increase one year ago this week.
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View more at: http://www.forbes.com/sites/richardfinger/2012/10/14/8-natural-gas-were-right-on-schedule/
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