Cheniere and SandRidge Shares Jump as Natural Gas Prices Rally
Posted on June 18, 2012 at 08:20 AM EDT
The Paragon Report Provides Stock Research on Cheniere Energy and SandRidge Energy
NEW YORK, NY -- (Marketwire) -- 06/18/12 -- Natural Gas companies received a boost Thursday as U.S. natural gas supplies showed a lower than expected weekly rise. Natural gas futures rallied over 15 percent Thursday on the surprisingly bullish inventory numbers. "The market was wrong-footed ahead of the EIA number and the new shorts that piled in have turned and covered," said Eugene McGillan, a broker and trader at Tradition Energy. "Now we're triggering fresh technical buying." The Paragon Report examines investing opportunities in the Natural Gas Industry and provides equity research on Cheniere Energy, Inc. (NYSE: LNG) and SandRidge Energy Inc. (NYSE: SD).
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The Energy Department's Energy Information Administration on Thursday reported that for the week ended June 8 natural gas in storage increased by 67 billion cubic feet. Analysts had expected a jump of 71 billion to 75 billion cubic feet according to a survey from Platts. Storage levels over the same period last year rose by 72 BCF. Natural gas futures on Thursday hit $2.46 per million British Thermal Units (BTUs).
T. Boone Pickens earlier this week stated that natural gas prices have bottomed and by next summer would rise to $3 or more. Pickens stated that supplies have significantly been reduced as the number of natural gas rigs in operation has dropped from 800 to 500.
Paragon Report releases regular market updates on the Natural Gas Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at www.ParagonReport.com and get exclusive access to our numerous stock reports and industry newsletters.
Cheniere Energy is a Houston-based energy company primarily engaged in LNG-related businesses. The company owns and operates the Sabine Pass LNG receiving terminal and Creole Trail pipeline in Louisiana. The terminal has sent out capacity of 4.0 Bcf/d and storage capacity of 16.9 Bcfe. Shares of Cheniere jumped 4.24 percent Thursday.
SandRidge Energy is an oil exploration and production company headquartered in Oklahoma City, Oklahoma. SandRidge's drilling activities are focused on its oil properties in the Mid-Continent and Permian Basin. The company reported oil and natural gas revenue increased 28 percent to $341 million in first quarter 2012 from $267 million in the same period of 2011.
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