EMEX Revises Natural Gas, Energy Outlook for 2014, 2015
Due to shifting market conditions and record amounts of natural gas being stored, technology firm EMEX has revised its estimates for natural gas price averages for the remainder of 2014.
EMEX’s analysis found that natural gas prices are likely to stabilize in the same price range as they did in 2010 and 2011.
The Polar Vortex put major population centers in a deep freeze for extended periods of time, and as a result, more natural gas was used this past winter than at any time in the past 20 years. While the record cold will likely result in prices averaging in the $4.10–$4.40 range for the year, EMEX estimates that for the remainder of 2014 and 2015, trading will be in the $3.75–$4.10 range.
Mild temperatures this summer and record production levels have allowed the US to refill its storage at a breakneck pace, and current forecasts suggest that natural gas in storage at the end of the injection season will approach 3,400 BCF, EMEX added.
While the current market conditions present favorable buying opportunities for energy consumers, the uncertainty of future weather patterns, including the potential for hurricane activity along the Texas-Alabama shoreline and an unknown winter forecast, leave the future of the market uncertain.
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