The Rocket and the Feather. Energy Prices Continue to Ease Down. The Beacon, 08/23/2021

The Headline:   After big moves up in the past few weeks, energy prices dropped slightly despite fundamentals suggesting they should stay high.  Storage is still below average, rig counts are stagnant, and high international LNG prices continue to drive gas exports.              

The Bottom Line:    Prices in this environment tend to move up sharply (like a rocket) but move down more slowly and gradually (like a falling feather).  With some downward activity this week, and market fundamentals and EIA forecasts clearly pointing to another “rocket” on the horizon, this may be a good week to get rates locked in and avoid the higher prices that appear likely to come.           

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