Well, natural gas is joining West Texas Intermediate Crude Oil in a race to the bottom … for energy.
The NYMEX Natural Gas Index is down over 6% this morning.
And the natural gas rig count keeps falling.
No, it wasn’t the much publicized global carbon-emissions deal reached this weekend. The deal lacks enforcement language, although Secretary of State John Kerry touted the pact as a jobs creator.
Just not in oil and natural gas. Or coal.
Energy companies are prominent among the most distressed corporate bonds.
Helping send the CCC and lower High Yield … Yield shooting up.
Here is the Markit Energy 5Y CDS showing its rise with declining WTI Crude and Natural Gas prices.