Markets were back up 4%, off yesterdays lows. Headline risks are moving markets with any type of information from weather, supply/demand, wind/solar production news are all moving targets with this market causing this market to swing. North American markets continue to remain a “bargain” overall in comparison to Europe where prices are $29.00 USD per MMbtu compared to our $7.42 USDper Mmbtu with teh potential for supply rationing this winter. We are currently operating in a supply driven infationary period, not any different than in the early 1970’s and will stop until the supply corrects itself. On the oil side of the ledger, refining capacity remains limited since the last oil refinery was built in 1977 and we are still operating refineries from 1908! Markets are not interested in oil/gas capital investments, other than private equity. We will not see much releif until either demand slows down or supply ramps up. Demand for oil/gas has returned to pre covid levels based on the latest data. Time will tell. (RS)

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