NEW YORK, NY -- (Marketwire) -- 08/13/12 -- An abundance of available natural gas combined with muted domestic demand has sent prices for the fuel down to record lows this year, hitting a 10-year low in April. But the recent scorching summer weather has seen natural gas prices rally in recent months. The United States Natural Gas Fund, LP (UNG) is up over nearly 20 percent in the last three months. Five Star Equities examines the outlook for companies in the Natural Gas Industry and provides equity research on Linn Energy, LLC (NASDAQ: LINE) and Cheniere Energy, Inc. (NYSE: LNG).
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The U.S. is set to have the hottest year on record. Natural gas prices have rallied sharply as utility companies have been using more natural gas to generate the electricity needed to power air conditioners across the U.S. Since reaching a decade low in April prices have soared 62 percent, largely in part of the hot summer weather.
Prices also received a boost last Thursday after the Energy Information Administration reported that natural gas supplies increased by 24 billion cubic feet. According to analysts' surveyed by Platts supplies were expected to rise between 27 million bcf and 31 million bcf.
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LINN Energy has grown from a handful of natural gas wells in 2003 to a top-10 independent U.S. E&P company with approximately 5.1 Tcfe of proved reserves (pro forma for acquisitions announced in 2012) in producing U.S. basins as of Dec. 31, 2011. During the second quarter the company increased average daily production 76 percent to 630 MMcfe/d, compared to 358 MMcfe/d in the second-quarter 2011.
Cheniere Energy is a Houston-based energy company primarily engaged in LNG-related businesses. The company recently announced it has given Bechtel Oil, Gas and Chemicals, Inc. a full notice to proceed to construct the first two liquefaction trains of the Sabine Pass liquefaction project. "The Sabine Pass LNG terminal will become the first facility in the contiguous U.S. capable of exporting natural gas as LNG. Two years after announcing our plans to develop the liquefaction facility, we will begin construction." said Charif Souki, Chairman and CEO.
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