Bought more Provident
May 23rd, 2008 by Grant in: Energy, Investing, Royalty TrustsYesterday I was able to pick up some more Provident Energy (PVX: chart, web, Y!) shares for $11.70.
Today the stock was down $0.14 to $11.77 on average volume. I suspect that Tuesdays trading (remember Monday is a holiday) will reveal another push towards $13. Memorial Day is the official start of the driving season, and even if driving is down this summer, oil will maintain levels above $110 for the majority of the hot months. This will leave the electrical power generation companies turning to natural gas ($natgas: chart) vs. heavy oil.
Additionally, the hurricane center predicted that this will be another active season with as many as 5 major hurricanes predicted.
The future is bright for natural gas this summer.
Tags: hurricane forecast | oil and gas | PVX
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