‘old man’ et al: something I read recently (possibly from one of your references) said that the average value of the WTI/NG ratio over the past two decades has been 8.6. I mention this because: i) 8.6 is within the 8-10 range mentioned in #msg-38528847; and ii) articles in the lay press sometimes cite 6x as the “normal” value, when it plainly isn’t (and shouldn’t be).
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”