The diverging fundamentals of U.S. oil and natural gas can be seen dramatically ...
) are mostly seeking more valuable oil and natural gas liquids, which bring with it a lot of associated gas, making producers less sensitive to gas price declines.
U.S. oil futures CLc1 this week hit their highest level since April, while gas NGc1 was near its lowest since August, boosting the oil-to-gas ratio to 30-to-1, highest since September 2013. Speculators have boosted short positions in futures and options on the New York Mercantile Exchange 3023651MSHT to the highest since November 2015, according to data from the U.S. Commodity Futures Trading Commission.
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