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The historical price relationship between oil and nat gas has always been in the 10:1 range despite the 6:1 btu value. There are a myriad of reasons for this disconnect which would take many pages to discuss.
Jul 18 09:47 am
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All Comments by oil baron »The Death of Natural Gas [View article]
Nat gas has been struggling to make the 10:1 ratio and I do believe it is because of the geopolitical premium in oil at this time. Accordingly I do believe the fair market price of oil should be $100-110 putting it right where it should be according to the 1967 CPI index.
Hedge fund activities and speculators have a short term,and as we see currently, an extreme effect on price volatility but over time they have no effect in the market because they never take delivery.