T. Boone Pickens

T Boone Says: Gas At Bottom $UNG

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Natural gas has been up and down over the course of 2012. For awhile there, there was a lot of talk about peak natural gas. However, right now, that seems far off. Even T. Boone agrees. Margo Beller explains T. Boone’s point of view.

“I have to think you’re close to a bottom,” the oil and gas driller and head of BP Capital Management told Street Signs before natural gas settled at $1.984. “You’ve got the rig count going down. That’s what you want to watch.”

Ten to 15 rigs were closed last week, he said, and more will be closed this week.

“As the rig count goes off it’s gonna cause supply to shorten up. It’ll take a little while for it to happen,” he said.

Pickens has pushed for federal legislation that would put natural gas into commercial vehicles, so he said he was encouraged after hearing Energy Secretary Steven Chu speak at a conference Wednesday about putting natural gas in heavy-duty trucks.

UNG

T. Boone always has strong opinions. However, his opinions are worth listening to. Where will natural gas go? We are placing our bets he up and should continue up through winter of this year at a minimum. 

Quotes taken from report by Margret Beller, Read the entire article here.

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