SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Jul 2, 2012) - Natural Gas prices have been on the rebound but fell last week after the U.S. Energy Information Administration (EIA) report showed gas inventories rose higher than analysts' predictions. "The net injection to U.S. natural gas storage was more than the consensus expectation and suggests a slight weakening in the market's underlying supply-demand balance," said Citi Futures Perspective analyst Tim Evans in a report. Five Star Equities examines the outlook for companies in the Natural Gas Industry and provides equity research on Devon Energy Corporation (NYSE: DVN) and Apache Corporation (NYSE: APA).
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According to the EIA report natural gas inventories increased by 57 billion cubic feet for the week ended June 22, above analysts' estimates of a 52 bcf increase. Current storage levels are already 75 percent full, levels not normally seen until late August. "When you are in a situation of possibly running up against storage capacity, an extra half-bcf a day over a few months can make a big difference," said Kyle Cooper, managing partner at IAF Advisors. "That's why you are seeing such huge reactions on very small changes."
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Devon Energy's production mix is about two-thirds natural gas and one-third oil and natural gas liquids, such as propane, butane and ethane. Devon produces about 2.5 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 their producing areas, making them one of North America's larger processors of natural gas liquids.
Apache in May announced that an Apache Australian subsidiary and its partners have agreed to sell liquefied natural gas (LNG) from the Chevron-operated Wheatstone Project in Western Australia to Tohoku Electric Power Company Incorporated (THE). The Wheatstone partners and THE signed a Heads of Agreement to supply up to 1 million metric tons per annum (MTPA) of LNG for up to 20 years.
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