Nat Gas Explorers Dip as Warmer Weather in the Works (UNG) (MMR) (PXP)
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Oil & gas explorers are seeing some unusual downside today, amid expectations for milder-than-expected temps across much of the U.S. over the next week or two.
According to Commodity Weather Group, as cited by Bloomberg, there will be above normal temps in the lower 48 over the next six to 10 days. WSI Corp., a private forecaster cited by the WSJ, largely agreed with the outlook.
Temps 5 degrees Fahrenheit or more above normal might hit along the Eastern U.S., while areas like Chicago and the Midwest might see a rise of 15 degrees or more.
Henry Hub December contracts are down $0.147 to $3.754 per mmBtu on the Comex. While high, nat gas prices were at $4 for the same period last year and well over $5 earlier in 2011.
Though nat gas companies like Plains Exploration (NYSE: PXP), W&T Offshore (NYSE: WTI), and Energy XXI (Nasdaq: EXXI) are all lower today, McMoRan (NYSE: MMR) is noticeably lower, down about 11 percent or so on the session. The United States Natural Gas (NYSE: UNG) is down 3.6 percent on the session.
According to Commodity Weather Group, as cited by Bloomberg, there will be above normal temps in the lower 48 over the next six to 10 days. WSI Corp., a private forecaster cited by the WSJ, largely agreed with the outlook.
Temps 5 degrees Fahrenheit or more above normal might hit along the Eastern U.S., while areas like Chicago and the Midwest might see a rise of 15 degrees or more.
Henry Hub December contracts are down $0.147 to $3.754 per mmBtu on the Comex. While high, nat gas prices were at $4 for the same period last year and well over $5 earlier in 2011.
Though nat gas companies like Plains Exploration (NYSE: PXP), W&T Offshore (NYSE: WTI), and Energy XXI (Nasdaq: EXXI) are all lower today, McMoRan (NYSE: MMR) is noticeably lower, down about 11 percent or so on the session. The United States Natural Gas (NYSE: UNG) is down 3.6 percent on the session.
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