Nat Gas News – January 19, 2017

View today’s complete Natural Gas News report

In the News 

Exxon Mobil buys Bass family holdings in Permian for $6.6 billion
Star-Telegram reports: Exxon Mobil is buying 275,000 acres in the booming Permian Basin oil fields from the Bass family for $5.6 billion in stock and $1 billion in contingent cash payouts. The Irving-based oil company said Tuesday that the purchase covers 3.4 billion barrels of oil equivalent, nearly doubling its existing resources in the Permian to 6 billion barrels. XTO Energy in Fort Worth, which was sold to the energy giant in 2010, will manage
the project. “This acquisition strengthens Exxon Mobil’s significant presence in the dominant U.S. growth area for onshore oil production,” Darren W. Woods, Exxon Mobil chairman and chief executive officer, said in a statement. For more on this story visit star-telegram.com or click the following link http://bit.ly/2jMjc3q

U.S. natural gas falls to 1-week low on bets for bearish storage data

Investing.com reports: U.S. natural gas futures declined for the second day in a row on Wednesday, falling toward a one week low as weather forecasts for the end of January turned warmer, which should dampen demand for the heating fuel. Weather models initially predicted colder temperatures throughout most parts of the U.S. during the period. Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns. Meanwhile, market participants looked ahead to weekly storage data due on Thursday, which is expected to show a draw in a range between 220 and 230 billion cubic feet in the week ended January 13. That compares with a withdrawal of 151 billion cubic feet in the preceding week, 178 billion a year earlier and a fiveyear average drop of 170 billion cubic feet. For more on this story visit investing.com or click http://bit.ly/2jrbbBm

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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