EIA's Short-Term Energy Outlook Predicts Natural Gas Prices to Average $3.53 per MMBtu in 2013 and $3.84 per MMBtu in 2014
RDInvesting Provides Stock Research on Devon Energy and QEP Resources
NEW YORK, NY -- (Marketwire) -- 02/28/13 -- Natural gas prices have been trending upwards recently on improved heating demand. It is estimated that approximately 50 percent of households in the U.S. use natural gas for heating according to data from the Energy Information Administration (EIA). The United States Natural Gas Fund, LP (UNG) has spiked nearly 7 percent in the past week. Research Driven Investing examines investing opportunities in the Natural Gas Industry and provides equity research on Devon Energy Corp. (NYSE: DVN) and QEP Resources Inc. (NYSE: QEP).
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A prediction for colder-than-average weather from the National Weather Service over weekend sent natural gas futures surging 3.7 percent Monday. Futures settled at $3.414 per million British thermal units (MMBtu) Monday, which was the highest since February 6th. According to the EIA's Short-Term Energy Outlook Henry Hub natural gas spot price is expected to average $3.53 per MMBtu in 2013 and $3.84 per MMBtu in 2014, natural gas averaged $2.75 per MMBtu.
Natural gas working inventories ended January 2013 at an estimated 2.7 trillion cubic feet, approximately 0.2 trillion cubic feet lower than a year ago; inventories reached a record high in early November 2012.
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Devon Energy's portfolio of oil and gas properties provides stable, environmentally responsible production and a platform for future growth. The company's production mix is about two-thirds natural gas and one-third oil and natural gas liquids. Devon reported record production of 250 million oil-equivalent barrels (Boe) in 2012.
QEP Resources is a leading independent natural gas and oil exploration and production company. Their operations are focused in the Rocky Mountain and Midcontinent regions of the United States. For the full year 2012, the company reported record net production of 319.2 Bcfe, a year-over-year increase of 16 percent. QEP Energy's estimated proved reserves totaled 3.9 Tcfe at December 31, 2012, up 9% from year-end 2011.
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