Barclays Sees Fatter Pricing in 2014, But Leaner 2015 to Follow

摘要

In the ongoing debate as to how the market will react to the task of rebuilding natural gas inventories, which last week dipped under 1 trillion cubic feet, Barclays has rendered a split decision—bullish on 2014, bearish for 2015. In its report, Barclays analysts Biliana Pehlivanova and Shiyang Wang noted that while the 2013-14 winter—the 34th coldest on record—has taken storage to levels seen only five times since 1976, the impact could be relatively brief and a "meaningful producer response is unlikely." The reason: "Even without a significant rebound of drilling, US gas production is poised to increase and at a pace greater than last year's."