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Natural gas producers tumbled Monday after US natural gas prices fell by the biggest percentage since June on forecasts of much less cold weather and heating demand than expected in the next two weeks.
“He The volatile March weather pattern imploded over the weekend… and chipped away at the fundamental support underlying recent price gains,” according to EBW Analytics.
Leading natural gas producer EQT Corp. (New York Stock Exchange: EQT) was one of the biggest declines of the day in the S&P 500, -4.1%.
Also finishing well below: SilverBow Resources (SBOW) -7.1%Comstock Resources (CRK) -6.2%Southwest Energy (SWN) -5.6%Cheniere Energy (LNG) -4.5%Antero Resources (AR) -4.1%Chesapeake Energy (CHK) -4.1%telluric (TEL) -3.8%New Fortress of Energy (NFE) -3.7%Equitrans Midstream (ETRN) -3.5%Next Decade (NEXT) -2.9%Range Resources (RRC) -2.7%Coterra Energy (CTRA) -2.6%.
Nymex month-advance natural gas (GN1:COM) for April delivery settled -14.5% to $2.572/MMBtu, after the contract soared 18% last week in its best weekly rally since November, as gas flows to US liquefied natural gas export plants.
ETFs: (NYSEARCA:UNG), (UGAZF), (BOIL), (COLD), (UNL), (FCG)
US regulators sent another list of questions looking for information to Freeport LNG on Monday, while they evaluate its request to restart full commercial operations.
The low breakeven point of many EQT (EQT) drill locations is “a competitive moat that will last a long time,” Long Player writes in an analysis recently published in Seeking Alpha.
