The writing is on the wall. In the United States coal is on its way out and natural gas is on the way in. While the market only saw a slight pop on yesterday's big announcements on coal and natural gas, it signals the beginning of a new era.
Natural gas broke out above $4.00 in decisive fashion as the trade seemed to embrace the fact that Goldman Sachs has upped their natural gas forecast and catching up with the bottom that I called in January.
Retail gasoline prices in the U.S. fell to the lowest level in a year as refineries restored production and stockpiles rose to the most in eight months, blunting criticism of President Barack Obama’s energy policies.
Former U.S. Treasury Secretary and Goldman Sachs and Citigroup veteran Robert Rubin warned that U.S. political discourse needs to change because the Federal Reserve’s current monetary policy has gone as far as it can go.