TPH drops gas-price forecast by $1.30 per Mcf

摘要

Given recent gas-storage levels and increased rig counts, the new gas-price forecast for 2010 is $6.20 per thousand cubic feet (Mcf), according to David Pursell, managing director and head of macro research for Houston-based Tudor, Pickering, Holt & Co. Securities Inc. (TPH). The forecast represents a steep drop from the investment firm's third-quarter 2009 prediction of $7.50 per Mcf. At the time of his previous prediction, Dan Pickering, co-president and head of research for TPH, said, "Gas prices will be a pleasant surprise in the near-term. If prices begin to improve, people will think they will keep improving, but I think supply will also start to rise."