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The ratio of oil to natural gas has really spiked again in recent months as oil has outperformed natural gas. (When the line is rising in the chart below, oil is outperforming natural gas, and vice versa for a declining line.)

Last September, the ratio of oil to natural gas hit its highest level since at least 1995. After that peak, natural gas outperformed oil for a few months, but this trend reversed quickly once 2010 started. The average ratio since 1995 is 8.94, and it is currently more than twice that at 21.49.

But even though the ratio is extremely high compared to historical levels, it has gone higher as we saw just a few months ago. (Click to enlarge)

Source: Oil to Natural Gas Ratio