Nat Gas News – June 16, 2017

Nat Gas News – June 16, 2017

BP Energy Partners Selling Midstream Portfolio Company – Sources

Nasdaq reports:BP Energy Partners, an energy investment company backed by oil tycoon T. Boone Pickens, is selling portfolio company Pinnacle Midstream, according to four sources familiar with the matter. Houston-based Pinnacle, which operates natural gas and crude gathering, processing and transloading services, could sell for at least $300 million, one of the sources said.The move comes as deal-making has heated up for companies that provide pipeline, processing and storage facilities in U.S. shale basins. In April, funds managed by private equity firm Blackstone Group LP <BX.N> agreed to acquire EagleClaw Midstream Ventures for about $2 billion. Earlier, Targa Resources Corp <TRGP.N> snapped up Outrigger Energy LLC’s Permian Basin gathering and processing assets for $1.5 billion. For more visit or click the following link

Natural Gas Price Jumps 3% on Smaller-Than-Expected Inventory Increase

24/7 Wall St. reports: The U.S. Energy Information Administration (EIA) reported Thursday morning that U.S. natural gas stocks increased by 78 billion cubic feet for the week ending June 9. Analysts were expecting a storage injection of 89 billion cubic feet. The five-year average for the week is an injection of 87 billion cubic feet, and last year’s storage injection for the week totaled 68 billion cubic feet. Natural gas inventories rose by 106 billion cubic feet in the week ending June 2. Demand for the next week is expected to be moderate largely due to expected higher temperatures in the eastern half of the United States into the weekend. For more visit or click the following link

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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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