U.S. natural gas prices have rocketed higher since mid-March by rising more than $4/MMBtu to $8.80/MMBtu. The latter level of production is the highest since 2008, according to a recent report by BofA Global Research. MMBtu, a standard unit of measurement for natural gas financial contracts, equals one million British Thermal Units. President Joe Biden “aggravated the energy shortage” last week by canceling three oil & gas leasing sales in the Gulf of Mexico and off the coast of Alaska, removing millions of acres from possible drilling amid record-high gas prices, wrote Mark Skousen, PhD, to subscribers of his Forecasts & Strategies investment newsletter.
Not surprisingly, crude oil recovered after that move and is now back to $110 a barrel, boosting the share price for Houston-based pipeline and energy storage company Enterprise Products Partners (NYSE: EPD) to 52-week highs. Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM) zoomed during its time as a recommendation in the Cash Machine newsletter between July 2021 and May 17, 2022. Bob Carlson, a pension fund chairman who also heads the Retirement Watch investment newsletter, recommended the Cohen & Steers MLP & Energy Opportunity Fund (MLOAX). Houston-based EOG Resources Inc. (NYSE: EOG) is producing substantial amounts of oil via shale, and thus considerable LNG. Pioneer Natural Resources Co. (NYSE: PXD), a hydrocarbon exploration company headquartered in Irving, Texas, has soared in recent weeks.
Source: Dividend Investor
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