Since Reaching Decade Low in April, Natural Gas Prices Have Surged 62% -- Cheniere Energy Begins Construction on LNG Facility
13 August 2012 - 10:20PM
Marketwired
An abundance of available natural gas combined with muted domestic
demand has sent prices for the fuel down to record lows this year,
hitting a 10-year low in April. But the recent scorching summer
weather has seen natural gas prices rally in recent months. The
United States Natural Gas Fund, LP (UNG) is up over nearly 20
percent in the last three months. Five Star Equities examines the
outlook for companies in the Natural Gas Industry and provides
equity research on Linn Energy, LLC (NASDAQ: LINE) and Cheniere
Energy, Inc. (NYSE: LNG).
Access to the full company reports can be found at:
www.FiveStarEquities.com/LINE
www.FiveStarEquities.com/LNG
The U.S. is set to have the hottest year on record. Natural gas
prices have rallied sharply as utility companies have been using
more natural gas to generate the electricity needed to power air
conditioners across the U.S. Since reaching a decade low in April
prices have soared 62 percent, largely in part of the hot summer
weather.
Prices also received a boost last Thursday after the Energy
Information Administration reported that natural gas supplies
increased by 24 billion cubic feet. According to analysts' surveyed
by Platts supplies were expected to rise between 27 million bcf and
31 million bcf.
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LINN Energy has grown from a handful of natural gas wells in
2003 to a top-10 independent U.S. E&P company with
approximately 5.1 Tcfe of proved reserves (pro forma for
acquisitions announced in 2012) in producing U.S. basins as of Dec.
31, 2011. During the second quarter the company increased average
daily production 76 percent to 630 MMcfe/d, compared to 358 MMcfe/d
in the second-quarter 2011.
Cheniere Energy is a Houston-based energy company primarily
engaged in LNG-related businesses. The company recently announced
it has given Bechtel Oil, Gas and Chemicals, Inc. a full notice to
proceed to construct the first two liquefaction trains of the
Sabine Pass liquefaction project. "The Sabine Pass LNG terminal
will become the first facility in the contiguous U.S. capable of
exporting natural gas as LNG. Two years after announcing our plans
to develop the liquefaction facility, we will begin construction."
said Charif Souki, Chairman and CEO.
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