Or they react to events very quickly:
Chesapeake Energy Corp’s bankruptcy will pile more pain onto leading energy service and pipeline companies whose revenues were already being slammed during the latest collapse in oil prices, according to energy analysts and corporate filings.....MUCH MORE
Chesapeake (CHK.N), the sixth-largest U.S. natural gas producer, sought protection from creditors on Sunday in U.S. Bankruptcy Court for Southern District of Texas in the biggest oil and gas bankruptcy in five years. Its Chapter 11 filing, citing $10 billion in debts, would affect drilling firms and gas transporters from Texas to Wyoming to Pennsylvania.
Williams Cos (WMB.N), Energy Transfer (ET.N) and Crestwood Equity Partners (CEQP.N) have contracts with Chesapeake that face rate cuts or rejections in bankruptcy court, said Ryan Smith, a senior director at energy information provider East Daley Capital....
Previously from Reuters:
U.S. Natural Gas Major Chesapeake Files For Bankruptcy Protection (CHK)
Natural gas futures are up 6.2% to $1.64, these super-indebted companies have been producing as much gas as they can to make interest payments.
Additionally, the huge move up in WTI from the lows means the oil producers are bringing up more "associated" gas as they try to grab some cash flow while they can.
Oil prices up means gas prices down, or vice versa, if you prefer your vice versa.
