I attemded 4 days convention of Canadian society of Exploration Geophysict. Had a good discussion with management teams of two majors.
ENCANA and TALISMAN seems to lost lot of money due to 2$ gas price. Talisman is planning to do quite a number of lay off in next three months. ENCANA will be following foot steps of TALISMAN
What are your views about current market condition.
I personally think gas prices will continue staying low, there is simply too much supply
As old contracts which are signed at a rate of 4$ are coming to end. Companies are forced to sign new contract for exporting gas at a cheaper rates (i:e below 3$). Since, time frame for these contracts are usually 3 years its impossible for companies to make profit at this price.
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