Exxon, Chevron, and now BHP. Empathize with these giants, and try to understand the reasons behind their natural gas acquisitions. Natural gas is, as I've stated many times over, one of the most under-appreciated (and underpriced) commodities. These large players have made strategic NG acquisitions for a good reason. These low NG prices will likely prove to have been one of the greatest buying opportunities in recent energy history.
While many will quickly - and bearishly - rebut with the tired argument about the glut of shale gas in the US, one must remember that this isn't breaking news to anyone...and that markets are forward-looking mechanisms. Exxon, Chevron, and BHP are all smarter than I am. What do they see on the NG curve that so many are missing?
http://www.bloomberg.com/news/2011-07-14/bhp-agrees-to-purchase-petrohawk-energy-for-12-1-billion-in-all-cash-deal.html
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