Natural gas seems to be locked in a range that prevents it from being truly economic across the demand cycle. As you can see from the graphic below, for about half of 2020 it was below the $2.00 mark. Weather forecasts for a cold winter, beginning in August of 2020, began to ramp it toward its ultimate 2020 high of ~$3.50 per MCF on October 30th. If you average out the 2020 sales price for gas you get something like $2.17 MCF. MarketWatch That’s a price that most of the gas drillers can make a little money on, but it does nothing for their stocks. As you can see in the chart below, four of the five largest U.S. gas drillers have lost value over the past six months. Of the top five, only Antero Resources, (NYSE: AR) has been able to reward its shareholders with capital appreciation. Chart […]