Watching oil and gas prices rebound today sure makes me "feel" like they want to go higher. $90/bbl is now my forecast (or should I say hope) by year-end.
The NG storage report was mildly bullish this week. A few more like that and we could see NG prices over $5/mcf. Still a lot of shale gas out there. We will head into the heating season with full storage. The best the gassers can hope for is that storage doesn't fill too early, causing gas-on-gas competion which can really drive down prices.
I will be working on a profile for Range Resources (RRC) this weekend. Gulfport backed out on hosting our August luncheon today so I called RRC who said they might host. They will be in Houston for NAPE that week. I hope to nail down the luncheon date early next week.
I will be on the road to California on August 5 - 12. My son and daughter-in-law both work in Hollywood. We have a bunch of 2nd quarter reports coming out next week and I will do my best to keep up on my laptop. I'm most eager to see Denbury's 2nd quarter report.
PetroBank's Latin American production will be a bit under my forecast model but that is no big deal. The stock is grossly undervalued.
Mitcham Industries (MIND) has made a strong run the past two weeks. Very interesting considering 2nd quarter results won't be very impressive. Q3 and Q4 will be strong so maybe the Market has figured this one out.
PDS also now positive on the year. They are definitely going to have solid 2nd half results.
AEZ made a hero out of me with the Hess takeover. I made a few dollars on that one myself.
RAME is going nowhere until the company sells.
Dan
The View from Houston - July 30
The View from Houston - July 30
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group