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Denbury Resources Inc. Message Board

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  • harehau harehau Aug 11, 2008 2:52 PM Flag

    It may not mean much but the patterns are cool

    JB, thanks. I sold a gas stock in 11/07, first sale in several years, when gas was in the $8s, bought it back when it was 15% lower, gas still at $8. Now, it is down another 15% from there and gas is still in the $8 range. Today, it's selling for 2/3s the net asset value using $6 gas. In this one equity case, it didn't get the entire benefit of the runup and is now overshooting on the down side. Gas at this time last summer was in the $5s. And what makes it even more irritating is that it's Williams, not a pure gas player because I wanted the benefit of the more stable cash flow pipelines and midstream but it doesn't seem to get any benefit in a down market. Most of what I have are the infrastructure plays with a few that have commodity exposure. They seem to be good values now but if gas goes below $6 again, then who knows, but they don't seem to reflect the commodity price on a short term basis.
    The market seems to be driven by momentum players more than ever. Maybe it's always been that way.

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