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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks
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To: Cogito Ergo Sum who wrote (1703)10/26/2001 1:04:45 PM
From: russet   of 11633
 
NEW YORK (CBS.MW) - A reported drop in third-quarter natural-gas production and a smaller-than-expected rise in last week's inventories lifted natural-gas prices to $3 per million British thermal units Friday.

November natural gas rose to an intraday high at $3.005 per million British thermal units, and last traded at $2.99 per million British thermal units, up 5.2 cents. The contract hasn't closed above $3 since Aug. 23.

Third-quarter U.S. natural gas production is down 2.4 percent compared with a year earlier, according to a note from Merrill Lynch.

"The naysayers to the natural gas story essentially believed that high drilling activity rates and new technologies would add new supplies at comparable rates to prior price cycles," the note said, but they didn't factor in production decline curves.

With U.S. natural gas rig counts down by 15 percent from its high and moving lower and capital expense plans to 2002 expected to be down 20 percent, dry gas production capacity should diminish up to 3 percent, Merrill Lynch said, so the natural gas growth will likely be seen at no more than 1.5 percent for 2001.

Additionally, the American Gas Association reported on Wednesday a 25 billion cubic foot rise in natural gas inventories as of the week ended Oct. 19, contrary to market expectations for a rise of as much as 65 billion cubic feet.

The news provided a sharp lift to oil-service stocks Friday.
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