Natural gas prices rise 4.8% to $2.808/mmBtu, which if maintained would be the highest closing price since Aug. 9. The gains come ahead of a weekly EIA storage report at 10:30 am ET that analysts expect will show another below-average injection that could further narrow a storage surplus. A WSJ survey forecasts a 47 billion cubic feet injection versus the normal 76-bcf increase.
If those forecasts are confirmed, that would trim a storage surplus from 7.6% above normal to 6.4% above normal. Gas prices collapsed earlier this year when the surplus widened to 24% above normal, but the market has steadily chipped away at that overhang in recent months.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
