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Southwest Energy surges as US natural gas surges 8% (NYSE:SWN)

Natural gas flame

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US natural gas prices rise to within a few cents of $9 before Thursday’s close + 8.2% at $8,874/MMBtu (NG1: COM), the highest closing price since July 26, apparently at least in part due to talk about increased air flow to the Freeport LNG export plant in Texas.

Officials at Freeport LNG said the company has been pulling gas to supply a power plant that has been generating electricity for the Texas grid since mid-July.

Mizuho’s director of energy futures Robert Yawger told Reuters that the Freeport news “placed a bid in the market.”

ETFs: (NYSEARCA:SPOILED), (UGAZF), (DGAZ), (BOIL), (FCG), (KOLD), (UNL)

Southwest Energy (NYSE:SWN) close the door + 8.1%, leading the big gains among gas-focused stocks; also (CRK) + 7.9%(AR) + 6.6%(EQT) + 5.1%(RRC) + 3.9%(CTRA) + 3.5%(CHK) + 3.5%.

Also in the news is a Leak affects the crude oil pipeline on Mars in the Gulf of Mexico, which has temporarily shut down six oil fields in the Gulf.

Gasoline prices rise despite larger than expected US memory building was 44B cf, and as August temperatures adjusted slightly from July, reducing cooling demand.

Analysts at NatGasWeather.com note that Optimistic investors bought when prices fell after the archive report, and continued to push the market higher into the late session.

Freeport LNG, America’s second-largest LNG exporter, consumed ~2B cf/day of gas before the fire closed on June 8; Freeport hopes the factory will return to service at least partially in early October.

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