November 19, 2001; Both Oil and Natural Gas Futures Price Curves Slope Upward

While the December 2001 quote for Light Sweet Crude Oil dropped almost $5 a barrel last week, the December 2007 quote dropped only about a dollar (see Chart).   Natural gas quotes, dropping less, strengthened their premium relationship beginning next year.

Natural gas converted to oil at 6 million Btu per barrel.  Source: wsj.com