Natural Gas Companies Benefitting From Surging Natural Gas Prices in 2013
Five Star Equities Provides Stock Research on Devon Energy and WPX Energy
NEW YORK, NY -- (Marketwire) -- 03/20/13 -- Things are slowly starting to turn around for Natural Gas as warmer weather and falling supplies have sent futures to a 16-month high. Natural gas for April delivery on the New York Mercantile Exchange touched $3.965 a million British thermal Monday, the highest since October 2011. Five Star Equities examines the outlook for companies in the Natural Gas Industry and provides equity research on Devon Energy Corp. (NYSE: DVN) and WPX Energy Inc. (NYSE: WPX).
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Forecasts for colder temperatures in major consuming regions across the U.S. have been a major cause for the recent surge in prices. Historically, around this time of year temperatures are on the rise and the demand for heating begins to fall. MDA Weather Services has forecasted mostly lower-than-normal temperatures for most of the U.S. throughout the rest of March. Since hitting a four-month low of 3.125 per million British thermal units in mid-February prices for the commodity have surged approximately 20 percent.
Prices for the commodity have also received a boost from a steep decline in inventories. Last week, the Energy Information Administration reported stockpiles declined 146 billion cubic feet, compared with a decline of 66 billion cubic feet in the same week a year ago.
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Devon Energy produces about 2.6 billion cubic feet of natural gas each day -- more than 3 percent of all the gas consumed in North America. The company also owns natural gas pipelines and treatment facilities in many of our producing areas, making us one of North America's larger processors of natural gas liquids. Shares of the company have gained approximately 10 percent year-to-date.
WPX Energy operates in the best natural gas, natural gas liquids and oil basins in the nation: the Piceance, the Marcellus and the Bakken. The company also has domestic operations in the San Juan and Powder River basins, as well as a 69 percent interest in Apco Oil and Gas International. As of Dec. 31, 2012, WPX's domestic proved reserves were nearly 4.5 trillion cubic feet equivalent.
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