NaturalGasStocks.com Reports on Oil and Natural Gas Industry Efforts to Compensate for Disruptions Caused by Back-to-Back Hurricanes
Hurricane Damage, Shut-Ins and High Energy Demands Put Pressure on Oil and Gas Supplies
POINT ROBERTS, WA. October 11, 2005 – www.NaturalGasStocks.com (NGS and www.OilandGasStockNews.com (OGSN global investor websites for the natural gas, energy and oil industries report on energy prices, supply strains and high demand within the oil and natural gas arena as a result of Hurricane Katrina and Rita. Anticipated impacts are evaluated by Philip McPherson, Director of Research, C.K. Cooper & Company and the Natural Gas Supply Association. Sector perspectives are revealed from industry participants Chesapeake Energy Corporation (NYSE: CHK Petrol Oil & Gas Inc. (OTCBB: POIG Bontan Corporation, Inc. (OTCBB: BNTNF) and Cascade Natural Gas Corporation (NYSE: CGC).
Report Excerpt: Compensating for Disruptions in the Oil and Gas Industry
By Ann-Marie Fleming, www.NaturalGasStocks.com, www.OilandGasStockNews.com
October 2005
The domestic oil and natural gas sectors, as they work to compensate for the disruptions caused by Hurricane Katrina and Rita, are facing a variety of factors that will continue to constrain supply. On the oil side, refineries are believed to be playing a significant role in the industrys inability to meet demand. While importing crude oil may help in raising supply levels, it still has to be refined before it reaches the market. With the Gulf Cost area representing almost half of the United States refining capacity, and pre-disaster refining levels already under serving demand even at almost maximum capacity, supply constraints have escalated as a result of the damage and shut-ins caused by the hurricanes.
The nations constraints on its current refining capacity have some anticipating an upward pressure on price levels despite recent declines. According to Philip McPherson, Director of Research, C.K. Cooper & Company, Global oil demand is still strong, and I believe this recent sell off is a buying opportunity for investors. We still believe oil prices will stay well above $50 per barrel, and our 2006 price deck is $57.50.
As we move into the colder months, with winter fast approaching, there are concerns regarding the additional price pressures that will be realized as demand for natural gas moves even higher.
It is believed by industry insiders such as Chesapeake Energy, the nations third largest independent producer of natural gas in the United States, that the market is currently experiencing a false sense of security, which is common in September and October as these are typically months with low demand for natural gas. As Aubrey McClendon, CEO of Chesapeake Energy explains, There is no physical shortage today since we are just putting gas in storage. However, we are going to go into wintertime with our lowest amount of storage in three years. Offsetting that you have very high gas prices right now and the question the market is searching for is – have we forced enough conservation to offset the supply losses? Our view is that we have likely not done this, and now we are all in the hands of Mother Nature.
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Featured Companies: (OGSN and NGS are compensated by companies as disclosed in disclaimer.)
Petrol Oil and Gas, Inc. (OTCBB: POIG) is an oil and gas producer whose primary focus is the development and production of oil, gas, and Coal Bed Methane (CBM) in Eastern Kansas and Western Missouri. During the past three years POIG has assembled a 165,000 gross mineral acreage prospect and drilled a total of 23 test/development wells in this area that are geologically suitable for CBM development. In addition, the Company currently operates its 10,000 gross acre producing Petrol-Neodesha property with 72 CBM wells in the prolific Thayer Gas Field in Southeast Kansas and has recently acquired an additional 400 gross acres adjacent to its Petrol-Neodesha property.
For more information on Petrol Oil and Gas, click here: http://www.naturalgasstocks.com/Petrol_Oil_and_Gas/Default.asp
Bontan Corporation, Inc. (OTCBB: BNTNF) is an international diversified natural resource company that operates and invests in major exploration prospects. Bontan currently has a 49% working interest in a gas exploration project in eastern Calcasieu Parish, Louisiana.
For more information on Bontan Corporation, click here:
http://www.naturalgasstocks.com/CO/BNTNF/Default.asp
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