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Drillers manipulating nat gas supply; may soar 38% this year
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Monday, June 08, 2009
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By Daily Crux Editor Sean Goldsmith:

Natural gas' 31% decline in 2009 makes it the year's worst-performing commodity. And it's the cheapest compared to oil since the Soviet Union collapsed in 1992 and Russian supply plummeted.

Gas is down 72% in 11 months as the recession destroyed demand and drillers failed to idle rigs fast enough to contain supply. Today, stockpiles are 22% higher than the five-year average. And oil costs 18 times more than gas.

Now, the drillers are finally slowing production... Just as the economy is showing signs of strength. The number of rigs dropped 56% in the past nine months - the most in two decades - to around 700. According to Bloomberg analyst surveys, natural gas prices will rise over 38% this year.

Read full article...

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Topics: Energy | Commodities
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