US natgas price plunge to 3-year low could force producers to cut output [Yahoo! Finance]
Perella Weinberg Partners - Class A (PWP)
Company Research
Source: Yahoo! Finance
liquefied natural gas (LNG) export plant outages depressed demand, prompting analysts to project some producers will cut back on gas drilling. Any reduction, however, will likely be offset by increased associated gas production from oil wells as energy firms spend more to drill more oil wells with crude prices up about 7% so far this year. "In our view, producers should likely be looking at activity reductions across all of 2024 given the current (gas price) strip outlook," Jake Roberts, an analyst at Perella Weinberg Partners' TPH&Co, told customers in a note. Gas futures fell 5.0 cents, or 2.5%, to settle at $1.917 per million British thermal units (mmBtu) on Thursday, their lowest close since September 2020 for a second day in a row. The collapse in gas prices came as producers were already upset that the nation's biggest source of gas demand growth, LNG exports, could be limited by U.S. President Joe Biden's pause on permitting new projects. U.S. LNG exports have soared
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PWP
Sec Filings
- 5/3/24 - Form 10-Q
- 5/3/24 - Form 8-K
- 4/18/24 - Form DEFA14A
- PWP's page on the SEC website