Dew—as you know, the oil price is an international price whereas the ng price is a regional one. I suspect that the high ratio you cite is largely because of the very low ng price as well as the relatively high oil price. Since former oil burning electric generating plants switched to ng some time ago one wonders that if the oil gas ratio is to decrease what would cause the ng price to rise. A decrease in supply doesn’t seem likely anytime soon. Any new demand sources? Well, possibly ng powered surface transportation but that would take a while. No doubt ng could replace oil for some petro chemicals but I don’t know to what extent.
If oil supply were to significantly increase, that would lower the ratio but I wouldn’t bet on that happening. I believe most experts believe demand will rise faster over the next 20 years than supply so I personally don’t see a lower oil price over a sustained period.
So, perhaps the historical ratio may change.
Just my layman opinion,
John
Market Data 
Markets 
AI
