FTTN: Low Storage Levels Boost Outlook for U.S. Natural Gas
A new report predicts that immediate demand for natural gas will increase dramatically, a promising development for First Titan Corp. (OTCBB: FTTN) as one of its oil and natural gas wells prepares to go online.
Canaccord Genuity, a global, full-service investment bank, reports that U.S. natural gas inventories are 48 percent below 2013 storage levels and 53 percent below the five-year average. Following this year's extended and abnormally frigid U.S. winter, current, low storage levels are bullish for natural gas demand as a greater amount of refilling must be done this summer to bring storage back to necessary levels.
In addition, the U.S. Energy Information Administration (EIA) expects total natural gas consumption will average 72.1 Bcf per day (Bcf/d) in 2014, an increase of 0.7 Bcf/d from 2013.
'These natural gas projections are encouraging for First Titan and the Company's natural gas producing assets,' FTTN CEO G. Jonathan Pina said. 'The harsh U.S. winter decreased natural gas inventories, which must be replenished in preparation for the expected increased demand by consumers later this year. With our South Lake Charles, Louisiana project expected to go online in the near future, we are pleased to hear of a favorable market pricing environment for natural gas.'
First Titan Corp. owns non-operating working interests in wells located in Alabama, Oklahoma, Texas and Louisiana. The Company is building an asset base of oil and gas properties and is dedicated to the continued development of energy assets throughout North America alongside companies such as Lucas Energy, Inc. (NYSE: LEI), Earthstone Energy, Inc. (NYSE: ESTE), Fieldpoint Petroleum Corp. (NYSE: FPP) and Evolution Petroleum Corp. (NYSE: EPM).
For more information on FTTN's oil and gas projects, please visit, www.firsttitanenergy.com/investors.html.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The Company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
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