This Thursday – watch the natural gas storage withdrawal numbers.
The record cold in large urban areas has lifted nat gas prices – but real profits need both January and February cold to drive storage down and the commodity price up.
Gas slipped 0.3 percent as Commodity Weather Group LLC in Bethesda, Maryland, predicted above-normal temperatures in the eastern two-thirds of the U.S. from Jan. 12 through Jan. 16 after below-average readings this week. The low in Columbus, Ohio, on Jan. 12 may be 35 degrees Fahrenheit (2 Celsius), 12 more than usual, according to AccuWeather Inc. in State College, Pennsylvania.
“The longer-term forecasts are showing above-normal temperatures from Texas to Pennsylvania,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The market is treading water.”
Natural gas for January delivery fell 1.3 cents to $4.293 per million British thermal units at 1:29 p.m. on the New York Mercantile Exchange after rising as high as $4.43. Trading volume was 39 percent above the 100-day average. Prices are up 31 percent from a year ago.
Quicksilver Resources is battling a 24 % short interest determined to keep the price from rising but in the short term , at least the weather man is against them.
Jack A. Bass Managed Accounts has a long position.
|Open||3.19||P/E Ratio (TTM)||—|
|Last Bid/Size||3.19 / 57||EPS (TTM)||-2.13|
|Last Ask/Size||3.20 / 27||Next Earnings||24 Feb 2014|
|Average Volume||4,420,196||Dividend Yield||0.00%|
|Day High||3.28||Ex-Dividend Date||—|
|Day Low||3.13||Shares Outstanding||177.1M|
|52 Week High||3.54||# of Floating Shares||123.962M|
|52 Week Low||1.44||Short Interest as % of Float||23.98%|