Top 1%
Note on PWE, NG ,etc.
Apparently as Ike is diverting south away from GOM offshore production, the Berserkers (hedge funds) have decided to try and crash NG some more.
The facts are that NG is at normal inventory before these hurricanes, and about 7 bcf a day has been offline for a week already. Many producers are now shutting in as a precaution, even if Ike stears clear. Regardless of if this is a miss, we could easily see 100-150 bcf of NG shut-in, which would tip inventory towards the low end. This is last week.
http://www.eia.doe.gov/oil_gas/natural_gas/ngs/ngs.html
In terms of the winter inventory set-up that makes the severe sell off down right silly.
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Top 74%
arawak
Sep 09 at 12:00 ET
I am inclined to agree with you. I hold PWE, ATW, and other energy stocks and can but shake my head as they pounded down to P/Es of 10-12.
Buy now if you are a long-term investor. We're not going to appreciate just what a magical substance NG and oil is until it starts to run low.