WoodMac: No gas price rebound seen in near term

06/01/2009
Weakness in global natural gas markets will delay a recovery in US gas prices and rig counts. Exacerbating the weakness in gas demand has been a marked downturn in demand for electric power by both industrial and residential customers, analysts with the research and consulting firm Wood Mackenzie told reporters on May 20.The economic recession has had a big impact on US natural gas, electric power, and coal markets. The contractions in the economy during fourth quarter 2008 and first quarter 2009 led to a contraction in power demand at a time when gas supply was increasing from successful development of shale gas and from an increase in LNG imports.Speaking on power markets, George Given,...

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