NEW YORK, NY -- (Marketwire) -- 03/20/13 -- Things are slowly starting to turn around for Natural Gas as warmer weather and falling supplies have sent futures to a 16-month high. Natural gas for April delivery on the New York Mercantile Exchange touched $3.965 a million British thermal Monday, the highest since October 2011. Five Star Equities examines the outlook for companies in the Natural Gas Industry and provides equity research on SandRidge Energy Inc. (NYSE: SD) and Exxon Mobil Corporation (NYSE: XOM).
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Forecasts for colder temperatures in major consuming regions across the U.S. have been a major cause for the recent surge in prices. Historically, around this time of year temperatures are on the rise and the demand for heating begins to fall. MDA Weather Services has forecasted mostly lower-than-normal temperatures for most of the U.S. throughout the rest of March. Since hitting a four-month low of 3.125 per million British thermal units in mid-February prices for the commodity have surged approximately 20 percent.
Prices for the commodity have also received a boost from a steep decline in inventories. Last week, the Energy Information Administration reported stockpiles declined 146 billion cubic feet, compared with a decline of 66 billion cubic feet in the same week a year ago.
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SandRidge Energy expects production will be approximately 34.3 MMBoe and capital expenditures of $1.75 billion in 2013. As part of their Mississippian program the company plans to drill roughly 580 horizontal producers and 74 disposal wells this year. Shares of SandRidge have over 15 percent year-to-date.
ExxonMobil recently announced it has started production from their Telok gas field. "The Telok development will help meet increasing demand for natural gas in Peninsular Malaysia," said Neil W. Duffin, president of ExxonMobil Development Company. "It is one of many natural gas developments ExxonMobil will bring on stream in the next few years around the world."
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