Sell stop trigger on Jan9 at $4.48. Bought Dec24 for Q4 dev at $3.68
Good company but lowest NG prices in 2 years are depressing the sector. Jan28/09 Alberta NG spot prices drooped under $5.
Jurek
Canadian Natural Gas Directed Rig Count Down (88) YOY -25.3% YOY
This is Prime Drilling Season For Canada. Canadian NG Production was already in decline due to the cut-back in Drilling that began Mid 2006.
The Canadian rig count had stabilized during the 2nd qtr 2008 and actually improved slightly. Through 11/14/2008 the Canadian NG rig count averaged 219 which was +8 compared to the average for the same period of 2007.
Here are the numbers since the NG rig count began to decline (On a Year Over Year Basis) again in Canada.
|
|
NG Rigs |
|
PY NG Rigs |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
| Avg thru 11/14/08 |
|
219 |
|
211 |
|
8 |
|
3.8% |
|
|
|
|
|
|
|
|
|
| 11/21/08 |
|
218 |
|
246 |
|
(28) |
|
-11.4% |
| 11/26/08 |
|
234 |
|
243 |
|
(9) |
|
-3.7% |
| 12/5/08 |
|
236 |
|
239 |
|
(3) |
|
-1.3% |
| 12/12/08 |
|
234 |
|
269 |
|
(35) |
|
-13.0% |
| 12/19/08 |
|
241 |
|
257 |
|
(16) |
|
-6.2% |
| 12/26/08 |
|
187 |
|
192 |
|
(5) |
|
-2.6% |
| 1/2/09 |
|
178 |
|
221 |
|
(43) |
|
-19.5% |
| 1/9/09 |
|
251 |
|
341 |
|
(90) |
|
-26.4% |
| 1/16/09 |
|
290 |
|
352 |
|
(62) |
|
-17.6% |
| 1/23/09 |
|
287 |
|
348 |
|
(61) |
|
-17.5% |
| 1/30/09 |
|
260 |
|
348 |
|
(88) |
|
-25.3% |
