Oil prices have faded, and are now nearly back to where they traded before Russia’s invasion of Ukraine. But natural gas continues to soar to new multiyear highs.
On Monday, U.S. gas futures settled at $6.64 per million British thermal units, their highest level since 2008.
The dynamic has had a major impact on stocks, with natural gas producers outperforming companies that produce more oil. In the past month, Exxon Mobil (ticker: XOM) is down 0.7% and ConocoPhillips (COP) has traded flat, while natural gas producer EQT (EQT) is up 45% and Southwestern Energy (SWN) has risen 44%.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.