Natural Gas Producers Slip On Demand Concerns

Natural gas producers were disorder Thursday, after the ultimate weekly inform showed reserve fell less than approaching and spurred concerns about the direct picture.Inventories for the week of Mar twelve forsaken to 1,615 billion cubic feet, a 2.4% decrease year over year. Supplies forsaken eleven billion cubic feet from the prior week. Analysts were awaiting a steeper dump off to the balance of twenty-seven billion to 31 billion cubic feet.emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/18/natural-gas-supplies-markets-equities-devon-apache.html?partner=yahoobuzzWhile alternative appetite line were trade usually somewhat reduce Thursday afternoon, healthy gas for Apr smoothness tumbled 5.1% to $4.08 per million BTUs on the New York Mercantile Exchange. Shares of Devon Energy ( DVN - news - people ) fell 2.7% to $65.34. The Oklahoma driller not long ago strew $7 billion in deepwater resources in a sale to BP ( BP - news - people ) as piece of an ongoing plan to refocus on done at home onshore opportunities. (See "Devon On A Diet Looks Appetizing.")Elsewhere, Consol Energy ( CNX - news - people ) done a new move to bulk up the healthy gas land by picking up Dominion ( D - news - people )s Appalachian resources in $3.5 billion deal. Morningstar researcher Michael Tian remarkable that the understanding allows Dominion to concentration on the fast application commercial operation whilst construction on Consols Appalachian presence. "This prolongation bottom should be fast and beget large money flows, but we dont design most upside from scrutiny or serve development," he said. After plummeting on headlines of the deal, Consol shares tumbled again Thursday and lost 2.6% to $47.34. ,,2010/03/18/natural-gas-supplies-markets-equities-devon-apache.htmlApache Corporation ( APA - news - people ) shares slipped 2.8% to $103.21. Shares of Anadarko Petroleum ( APC - news - people ) tumbled 3.4% to $70.66.
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